UK entrepreneurs launch luxury property in Dubai priced in bitcoin

UK-based entrepreneurs have launched a 250 million pound ($325 million) luxury development in Dubai, allowing investors the option to pay in bitcoin.

Aston Plaza and Residences – located in Dubai Science City – was announced by Michelle Mone and Doug Barrowman, chairman of the Knox group of companies.

“Bitcoin’s meteoric rise in a few short years means it’s now the world’s leading cryptocurrency. This is exactly why we are the first property development ever to be priced in bitcoin,” Barrowman said in a statement.

The project offers selection of 1,133 units – including studio, 1 and 2 bedroom apartments – and is due for completion in 2019.

The development also boasts the Plaza, three floors dedicated to retail, which will include boutiques, cafes, restaurants and a supermarket.

Architects John R Harris & Partners are working with Michelle Mone Interiors on the project, the statement said.

“We wanted this to be different, unique and exciting – not just in the world of property, but also tech. This is why it is the first-ever development to be priced in bitcoin. This is a launch of many ‘firsts’ in business,” Mone said in a press statement.

Studio apartments will start in price from approximately 33 BTC and packages for interior design services and furniture will also be offered to purchase in bitcoins.

Bitcoin payments platform BitPay will be processing the bitcoin transactions, the statement said.