A real estate project in Dubai becomes the first major project in the world where investors will pay in Bitcoin

Dubai has been characterized as a city of major real estate developments in the last decade. Investors around the world have placed millions of dollars in all kinds of real estate projects. Now a new development project has appeared on the horizon; is a development valued at almost 325 million dollars, which is characterized by the luxury it showed. What is special about it? the people behind it does not matter if you pay at bitcoin.

The construction of this property was announced Wednesday by British entrepreneurs Michelle Mone and Doug Barrowman. The name of this real estate adventure will be: Aston Plaza and residences, which will cover more than 2.4 million square feet and is divided into two 40-story residential towers.

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Its developers say it will be the "first big development" to be priced in the virtual currency bitcoin.

"Being a designer for 21 years, it's a true passion of mine as the design side, and it's great to be partnering up together as well to launch this.And this is the first major global development in which you can shop at bitcoin, said one of the investors to the media present at the presentation of the project.

"Previously there was an apartment here and there was a house here and there, but never a development of 250 million pounds, so it's really exciting to be involved."

Mone, is known for founding the Ultimo underwear brand in 1996 through its company MJM International. She now owns interior design firm Michelle Mone Interiors, which will be responsible for building the main corridors and reception areas of this mega structure.

Why bitcoin?

Mone's partner, Barrowman, who is chairman of the Knox group, said that the developers of the real estate project had chosen bitcoin because bitcoin was making its way into global financial markets as a more "current" investment medium.

"I have invested in the world of cryptography in the past two years, and it's a sector I've seen grow and emerge," the venture capitalist told CNBC in an interview last week.

Even Michelle Mone has said that simply, bitcoin is the currency of the future.

"So I see reaching that stage where the early adopters are giving way to a more general application of cryptography, and therefore is a logical extension to take land and buildings and effectively offer people the opportunity to pay in cryptocurrency or bitcoin rather than simply fiduciary money. "

Barrowman has said several times that cryptography would reach a very large boom in the real estate development world as investors who do not wish to live on the property can receive a return of nine percent of their investment after completion.

"And that finds its favor in how the cryptographic world operates, they like to be rewarded with discounts, in ICOs (initial coin offerings), to enable them to buy things, and I think it's quite innovative what we're doing," he said. a news conference.

It's not a trick

Mone has clarified that he relies on bitcoin and on the development of e-commerce, he has refuted the idea that bitcoin price development was a "marketing trick."

"It's not a trick, these people want to buy things with their bitcoin," he told CNBC Wednesday morning.

"So we are here, can buy a studio, a bedroom, a two bedroom, can go online now ... and buy that apartment in a matter of minutes."

Meanwhile in international markets this cryptocurrency reached a low of $ 4,037 on Tuesday, down 20 percent from its record high of $ 5,000 over the weekend.

However, the bitcoin has had some setbacks in the last months, due to the appearance of laws that regulate their exchange; but Michelle Mone has said that she would not be getting involved in bitcoin if it was not a reliable investment. She even said in the interview given to the media during the presentation of the real estate project in Dubai that: "It is the currency of the future, and I think because everything is registered, everything is transparent. I would not get involved in it if it were a kind of "unpleasant" industry.

According to his own words this project will be completed in September 2019

The studio apartments will initially be sold at an initial price of 30 bitcoin - $ 133,918. This real estate development includes more than 1,000 apartments and a shopping center.

The transactions will be processed by the BitPay cryptographic payment platform, which has been booming in the last year thanks to its ease of use.

"These property purchases can now occur in minutes from anywhere in the world with the speed of sending an email," BitPay CEO Stephen Pair said in a statement Wednesday.

"We are delighted to partner with Knox's group of companies in this exciting first for Bitcoin and for property payments."