Dubai to launch the first of a kind luxury apartment sale in Bitcoin
Yep. You heard it right. The destination that hosts the tallest building in the world, the largest indoor theme park and the vastest collection of luxury apartments, yachts and automobiles is now pioneering real estate sales in Bitcoins.
According to CNBC, the Aston Plaza & Residences will be the sight of 2 40-story buildings featuring 1000 residential luxury apartments and a shopping mall. Prices start at 32 Bitcoins for a studio apartment. Located in a perfect location in the center of Dubai, this $325 million development is ideal for both investors and residents. The project is due for completion at the end of 2019.
But Bitcoin? Seriously?
While mass media is raging about Bitcoin, how it will dilute local economies, change politics, fund terrorism ... bla bla bla, Dubai was one of the first cities to adopt the blockchain technology and jumping on formalizing and legalizing procedures and legislation to protect against possible harms. In fact, the government of Abu Dhabi just issued a regulator statement governing crypto currencies in the UAE and is working on creating the official Emirates crypto currency emCash.
But back to the question of why Bitcoin, several reasons:
- Speed of transaction - you'll be able to buy an apartment in minutes - literally. Compare this to a wire transfer from your local bank to an international bank.
- Low transaction fees - the blockchain was built on the concept of minimal to no fees. There are no exchange rates or banking fees involved. How much does your bank charge you for a wire transfer of $150,000 again?
- Appreciation in value - well, not in the favor of investors, but definitely in the favor of the developer, Bitcoin has been trending up on the long term. Think about how much these 32 Bitcoins will be worth in a couple of years.