Inside the luxury Dubai properties available to buy in BitCoin
Why Michelle Mone and Douglas Barrowman’s £250 million venture is changing the future of property
As cryptocurrency becomes ever more desirable and respected within the luxury marketplace – with the leading currency BitCoin breaking through $4,000 in August – Baronness Michelle Mone OBE and Knox Group chairman Douglas Barrowman are staking their claim on ‘the currency of the future’ with a £250million property venture in the heart of Dubai.
The Aston Plaza luxury residences, overlooking the Dubai Hills and city skyline, feature 1,133 residential units over 2.4 million square feet, a shopping mall, and members club with community gymnasiums, swimming pools and entertainment spaces. Gardens and Zen pavilions, barbecue and picnic areas, and car-charging stations for electric cars add to the exclusive feel of the property. But it’s the decision to make the initial 150 apartments available exclusively in BitCoin that is making waves within the market – it is, as Barrowman says, “a true first for the industry”.
”This is an exciting opportunity for Bitcoin and for property payments,” agreed BitPay CEO and co-founder Stephen Pair. “Bitcoin payments offer a significant leap forward for high value international payments. These property purchases can now happen in minutes from anywhere in the world with the speed of sending an email.”
The complex is due for completion in September 2019, designed by architects John R Harris & Partners with communal areas designed by Michelle Mone Interiors. “our new development in Dubai offers exceptional homes to professionals and young families. The towers have been designed with community at its core and cater to the those looking for style, lifestyle and convenience, in a beautiful location,” said Mone.
“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 and I look forward to an exciting project ahead for myself, Doug and the team.”
“The Dubai development is the pinnacle of design, architecture and commerciality,” said Barrowman. “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. I would, as I have done throughout my career in business, like to be the one who starts the trend, a very exciting one at that.”