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50 units of Bitcoin-priced homes sold out in Dubai

Prices for the residences in Dubai Science Park started at 15 Bitcoins ($120,000), and extended up to 45 Bitcoins ($360,000)

The Bitcoin-priced homes are under construction in Dubai Science Park [representational image].
The Bitcoin-priced homes are under construction in Dubai Science Park [representational image].

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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Construction Week - Issue 725
Jan 19, 2019