Property development priced in bitcoin launches

Two developers have launched a £250m property development in Dubai in which units can be purchased using the cryptocurrency bitcoin.

Baroness Michelle Mone OBE and Douglas Barrowman have launched two luxury apartment towers and a shopping mall in the heart of Dubai.

The first tranche of 150 apartments are available to purchase directly from the developer with bitcoin.

In total, the construction of 1,133 studio, one- and two-bedroom apartments is due for completion in summer 2019.

The apartments feature floor-to-ceiling windows with views of the Dubai Hills and city skyline.

The scheme was designed by architects John R Harris & Partner, with communal areas designed by Michelle Mone Interiors.

Prices for studio apartments start from 33 BTC, with additional interior design services and furniture also available for purchase with bitcoin.

Baroness Mone said: “I am thrilled to be launching a project of this scale as a step in the property development business. 

“The towers have been designed with community at its core and cater to those looking for style, lifestyle and convenience in a beautiful location.

Douglas Barrowman, chairman of the Knox group, said: “This is a project I have worked very hard on for some time and the Dubai development is the pinnacle of design, architecture and commerciality. 

“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. 

“I believe, as it gains mainstream adoption, many will follow our lead on this.” 

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