You can now buy an apartment in Dubai with Bitcoin!

in bitcoin •  last year

Well, not just any apartment, but a brand new one that's giving Bitcoin owners first crack at a new place.

That's right, Aston Plaza and Residences in Dubai is offering their first 150 apartments for sale solely via Bitcoin.

Only have cash? 

Too bad! 

You will have to wait a few months. 

What's the price tag for said apartments you might ask?

Well, it's not cheap...

Studio Apartments are slated to go for 30 Bitcoin while one-bedroom apartments are slated to be around 50 Bitcoin, which is roughly $242,000 at current prices.

These prices are subject to change as the price of Bitcoin jumps around because the prices are stated in dollars. 

How does it work?

According to Michelle Mone, a partner in the project, once the purchase is made, the Bitcoin price is fixed for 15 minutes while the transaction goes through. 

Then, once the transaction is completed, the Bitcoins will be immediately converted to U.S. dollars. 

Mone says that she loves Bitcoin but that the company is not in the Bitcoin currency trading business and can't afford to speculate on what future prices might do, hence the reason for the immediate conversion.

Mone and company are in the development business.

BitPay will process the Bitcoin transactions.

Why are they doing this?

Mone said that they would like to give an opportunity to the Bitcoin world. An opportunity for Bitcoin owners to turn their coins into brick and mortar, if they should have the desire. 

Once the initial sales are done, they will open up the rest of the apartments for sale to people interested in buying with conventional currencies. 

Bitcoin owners just happen to get first choice.

Not only that, but they can also pay for the interior design with Bitcoin.

So, there are several options for Bitcoin owners with this project...

The development in the Dubai Science Park consists of two towers, a swimming complex, an outdoor cinema and a shopping mall. 

Judging by the pictures, it looks like it might be worth every penny, or um every Bitcoin, I mean. :)

Take that China!

Stay informed my friends. 

Sources:

http://money.cnn.com/2017/09/06/technology/dubai-bitcoin-apartments/index.html

Image Sources:

http://money.cnn.com/2017/09/06/technology/dubai-bitcoin-apartments/index.html

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Yo ,
Thanks for the great content

Thank you so much for this info sir...the whole world is going cryptos...these days......

Nahh, I'm sticking with my lambo! hehe

4chanlambo.jpg

Yes, Dubai has a long tradition of leading digital innovation for the region. Now, for the first time, Dubai will be pioneering the application of new technology for cities, and sharing it with the world. Dubai will be the first blockchain powered government, driving the future economy. Adopting Blockchain technology Dubai stands to unlock 5.5 billion dirham in savings annually in document processing alone equal to the one Burj Khalifa’s worth of value every year.

Very cool! Dubai is always ahead of the game and here is another example! Thank you for sharing..looking forward to reading more content.

That's intriguing! But why the restriction? I mean people could've been given the option to buy with money or bitcoins, but I wonder why they are being specific. I don't trust the Dubai property market at the moment. My parents bought a place in 2007 and it took 3 years to complete. But even then, Dubai is stable now, but things could go the other way in a second like what happened in 2008 with the economic crisis. Building projects that were worth hundreds of billions of dollars were either cancelled or delayed. And the legal issues might never be resolved. So not all that glisters is gold!

With Bitcoin**

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Not a problem, lucky we can edit hey xD, ill resteem this for you

WoW that's awesome news, this surely gives bitcoins even more heights and strenghtned the blockchain even farther and good for the owners of the apartments too i think they know that to buy digital gold is awesome and by hold it there is a great profit in limited time. thanks for sharing

i haven't got enough bitcoins :(

That is awesome and great promo for the industry.

awesome

Great to know. Dubai has itsown coin emir coin i guess?? Those prices look cheap!! Dubai is very very expensive . A good place for atleat a million dollars

I do international real estate, are these properties on proxio?

So the guy who sold the 2 Pizza´s to get 10.000 BTC in the past, could now buy all apartments ;-)

spare me some bitcoin

A big improvement for crypto currency.

Bitcoin is the future, but I still doubt being able to collect so much money to buy an apartment there:(

Wow its great to buy one by bitcoin:)

Good post!

Imagine if you bought 50 Bitcoins in 2009. This is so cool.

Very good post.best of luck.

great news we need to use the bitcoin everywhere thank's for share this post with us , what is the commercial website that use the bitcoin ?

"for sale solely via Bitcoin."

This is tremendous news for Bitcoin...

The Eco-system keeps expanding !

HODL

To be honest I think it's pretty stupid of them to immediately convert all the bitcoin. Why not covert 95% to fiat and leave the rest in bitcoin as an investment. If they have enough confidence to sell the properties through bitcoin why not retain some of it? I find it kind of baffling tbh.

OH my Gosh!!

Smart developers. They realize that oil will eventually run out if it doesn't become obsolete before that happens.

Wow, you need to possess a good amount in Bitcoin before to afford this apartment in Dubai!

It seems that they are confident that bitcoin will grow in price, and in the end they will get twice as much for an apartment.

Thanks for the information

This developer is smart. sell,some for bitcoin have a nive retirement fund sell some cash to pay for construction

Very cool to buy an apartment in Dubai giving Bitcoins !

It's good to see crypto being assimilated and finally gaining​ 'real life' value. Thanks for the post :)

That's a great news for bitcoin holders and also for bitcoin, because now bitcoin value increase in market.

cryptocurrencies are set to take over the world, anybody below the age of 25 would surely be spending cryptos either as their main currency or an equal currency to their fiat currency within their life time

Awesome!

News like this makes my D hard, amazing.

nice. like the paradise of the world

According to Michelle Mone, a partner in the project, once the purchase is made, the Bitcoin price is fixed for 15 minutes while the transaction goes through.

Then, once the transaction is completed, the Bitcoins will be immediately converted to U.S. dollars.

…Although it is not certain whether it is close or far, is it yourself only to imagine if only the cryptographic currency will be circulated in the future without requiring exchange for dollars in the future?

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I like the idea, just not the location. Hopefully more property developers will take up the idea.

Yes yes I heard! it's amazing :)

What an awesome name, The Dubai Science Park. I love it when I see more and more people accepting cryptocurrencies!

Amazing breakthrough for Bticoin @jrcornel

is dubai a safe place

heard this somewhere. Good for them who wants to have an apartment in Dubai.

is it true that we can buy an apartment using bitcoin?
is it possible?

Oh yea that's great news. Upvoted. Resteemed. Do follow and vote back my content if its worth. Thank you.

Interesting post and cool news, hope this crypto approach extends to other countries as well :D

Everyone was waiting for the moment especially buying bitcoin apartments in Dubai
Thanks for the topic

This is a great step forward for bitcoin, in London also you can now pay your deposit and monthly rental fees in bitcoin, if it works out for these then it will only be a matter of time until it spreads and hopefully at some point we can all pay our mortgages with bitcoin then it will truly have gone mainstream.

It sounds like a great way to launder a large amount of Bitcoin and avoid any capital gains tax

bitcoin is the currency of the future

What a pity that I will not buy such a posh apartment) But this is an excellent innovation for crypto currency!

I love seeing stories of BTC adoption. Keep them coming. I await the day when crypto is adopted by the masses and don't foresee that taking as long as many people think.

Good news for Bitcoin millionaires who would like to have an apartment in Dubai. :D

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You can now look like a turkey while living in Turkey once Bitcoin skyrockets to 10k & beyond... HODL!!!

Wow this is amazing news!!

I have been meaning to write this article for a few weeks and you inspired me.. what do you think :)

https://steemit.com/bitcoin/@jimbojones/forget-about-cashing-out-in-a-blaze-of-glory-spend-your-bitcoin

Made me so happy! It is gaining more and more attention every day. Thanks for sharing!

Excelent info jrcornel upvote and resteem! and follow too!

I saw land being sold for bitcoins back in 2013 in Bayarea. Now the land value has only gone up a bit but Bitcoin has gone to the moon.

Is there a link to a website where these houses or apartments are sold in Turkey? Im actually trying to convince a Turkish friend into buying Bitcoin...