50 units of Bitcoin-priced homes sold out in Dubai


Neha Bhatia , February 13th, 2018

Up to 50 luxury apartment units in Dubai, priced in Bitcoin currency, have been sold out. 

Entrepreneurs Michelle Mone and Doug Barrowman are the UK-based development team behind the Dubai Science Park (pictured) homes. 

Of the 1,300 homes under development as part of Mone and Barrowman's project, 50 were available for purchase through Bitcoin. 

Home prices started at 15 Bitcoins ($120,000; AED450,000), with an upper limit of 45 Bitcoins ($360,000; AED1.35m). 

Mone said that one investor had purchased 10 of the 50 homes. 

Construction works for the project are underway, with completion expected in 2020. 

According to Arabian Business, citing a Business Insider report, the business partners said that the fluctuating price of Bitcoin has stopped them from releasing another set of the cryptocurrency-priced homes into the market. 

The price of the cryptocurrency hit its all-time high in December 2017, falling just shy of $20,000, before falling back to around $8,000.

 

 


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