How You Can Buy Apartment in Dubai for Bitcoin

You read that title right. In a PR stunt of the decade, a real estate company called Aston Plaza Crypto is riding the Blockchain mania in Dubai and has partnered with BitPay to sell property for Bitcoin in Dubai’s Science Park, a district 20 minutes away by car from downtown Dubai.


It looks like 2017 is shaping up to be the year of crypto: first, we had Paris Hilton advertising ICOs, and now we have apartments being sold for cryptocurrencies in Dubai. I think we can all agree that Bitcoin is finally hitting mainstream audiences with all this news.

Currently under construction, the 250 mln sterling pound project is set to be home to two towers and a mall. The 40-floor towers will include luxury studio apartments as well as one and two bedroom open plan apartments. As of this writing, the cheapest studio is going for 28.15 BTC (approximately $127,500), while the largest two bedroom apartments are selling for around 75 BTC.

The Baroness

Aston Plaza is a joint venture between the Isle of Man based Knox group and Baroness Michelle Mone, a British member of the House of Lords. In an interview with CNBC news, the Baroness said that Bitcoin is “the currency of the future.”

She added:

“I think because everything is logged and registered, everything’s transparent, that I wouldn’t be getting involved in it — especially from the House of Lords element, I’m a Baroness — so I wouldn’t be getting involved in it if it was a kind of ‘dodgy’ industry.”

By mimicking a real-life ICO, the joint venture has offered up to a 20 percent discount on these under-construction properties to early birds paying in Bitcoin. Of the 1,133 apartments, 480 have already been sold in fiat, while the remainder are up for grabs for Bitcoin enthusiasts.

Real estate on the Blockchain

Across the globe, the business behind real estate has always been traditional and boring, but this is all about to change as more and more countries are looking into testing a way to buy and sell land and house deeds more securely and efficiently on the Blockchain.

Aston Plaza is not the first to take advantage of the Blockchain’s hype factor for real estate. Take Omar Kassim for example: In 2011, he founded JadoPado, a UAE-based e-commerce platform that was recently acquired by the Dubai billionaire Mohammad Al Abbar as part of an effort to launch a competitor to Amazon in the Middle East.

Today, Omar is working on an open source real estate asset management business platform called Esanjo.

And Omar is not the only one. In fact, there have been rumors that Smart Dubai, the initiative created by Dubai’s ruler, Sheikh Mohammed Bin Rashed, is working on a way to transfer property ownership directly over the Blockchain.

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Home BTC values by city in US

Despite warnings of a bubble and massively fluctuating values, bitcoin continues to fascinate investors and new industries. And now the housing industry is starting to dip its toes into the water.

One Miami condo seller is only accepting Bitcoin offers, while online real estate brokers say several other listings are willing to accept bitcoin as a payment option. (A residential/commercial property in the Isle of Man is also accepting the digital currency.)

But how many bitcoin does it take to actually buy a house? The national median home price in November 2017 was $248,000. Using the midday price of bitcoin (as reflected on CoinDesk) on Jan. 15, that works out to 17.65 bitcoin.

National averages aren’t a lot of good in some areas, though. We gathered median prices for November 2017 in a number of states and cities to find out how much home your Bitcoin would buy.


Home bitcoin values by city

San Francisco – $1.588 million (per Paragon Real Estate Group) / 113 bitcoin

Seattle – $725,000 / 51.6 bitcoin

Los Angeles – $583,000 / 41.5 bitcoin

Washington, D.C. – $550,000 / 39 bitcoin

Phoenix, AZ – $243,000 / 17.3 bitcoin

Home bitcoin values by state

Connecticut – $247,500 / 17.6 bitcoin

Florida – $240,000 / 17 bitcoin

Illinois – $185,000 / 13 bitcoin

Iowa – $153,250 / 11 bitcoin

Kansas – $200,451 / 14.3 bitcoin

Maine – $200,000 / 14.2 bitcoin

Massachusetts – $384,000 / 27.3 bitcoin

Michigan – $182,761 / 13 bitcoin

Missouri – $190,050 / 13.5 bitcoin

New Jersey – $300,000 / 21.4 bitcoin

New York– $254,000 / 18 bitcoin

Ohio – $174,689 / 12.4 bitcoin

Texas – $213,396 / 15.2 bitcoin

Utah – $277,000 / 19.7 bitcoin

Vermont – $221,000 / 15.7 bitcoin

Virginia – $270,000 / 19.2 bitcoin

Washington – $363,200 / 26 bitcoin

Article by Fortune:

Bitcoin in Dubai Real Estate, is it here to stay?

Bitcoin in Dubai real estate: is it here to stay?

Is the market ready as Dubai makes a big push towards adopting cryptocurrencies?

Image Credit: Shutterstock 

It made headlines around the globe when Dubai became one of the first in the world where residential real estate could be bought and sold in bitcoin or similar digital currencies. In September, the Aston Plaza and Residences development in Dubai Science Park began offering off-plan studios and one- and two-bedroom units starting from around 30, 50 and 70 bitcoin, respectively. This was at a time when one bitcoin was worth around $4,940 (Dh18,142.15).

After the massive year-end rally of bitcoin, the most expensive unit in the development, a 132.6-sq-m, two-bedroom residence on the 31st floor, had an off-plan asking price of just 21.97 bitcoin as of December 11, which is equivalent to $376,000. “Prices in bitcoin vary because they’re pegged to the US dollar and are updated in real time,” explains Michelle Mone, a businesswoman from the UK and partner in the project led by British property management and investment holding Knox Group of Companies.



This, in fact, makes her online bitcoin price list look more like stock market prices rising and falling continuously. However, Mone says that paying in bitcoin for this development is just an option for a limited number of apartments. The offer is meant to open an avenue for the cryptocurrency community to divest some of their bitcoins into tangible, physical assets. Depending on demand, there will be more units to be offered in bitcoin, says Mone.

For the developer, the risk of dealing with bitcoin payments is minimal as payments are converted immediately to US dollars after the deal is closed. The transactions for the Aston Plaza development are done via US-based bitcoin payment service provider BitPay.

More recently, MAG Lifestyle Development said it is ready to accept payments in Islamic cryptocurrencies, including OneGramCoin. The developer also announced last month a 5 per cent discount for “digital” buyers in any of its eight current real estate projects.

There are two drivers that open the real estate market for bitcoin. One is that more progressive cities all over the world are beginning to adopt laws to allow the technology to be used in property deals, or do not set regulations hindering digital currency payments at all. Apart from Dubai, these cities include New York and Miami, selected cities in Europe, particularly London, as well as Australia, New Zealand and some in the Caribbean.

The other driver is the emergence of brokers and bitcoin exchange portals where members now offer real estate for bitcoin. Some realty companies, primarily in the US, are also experimenting with cryptocurrencies for purchases and rent payments. Their main target are millennials or generally people who grew up in a digital environment, i.e. tech-savvy and those who own substantial bitcoin.


Lev Loginov, co-founder of family office London Wall in the UK capital, made headlines in November by offering a $23-million mansion near Portobello Road in Notting Hill, an affluent neighbourhood in West London, to be paid only in bitcoin. Requests for viewings came almost exclusively from people under 30 years old, most of them of Asian descent. “Most of them made money from mining cryptocurrencies and basically they’re looking to acquire assets,” Loginov told CNBC in an interview, adding that accepting bitcoin also helps attract young affluent millennials to property investment.

The first real estate broker to take up cryptocurrency in New York, sells condominiums in Liberty Toye, a new Lower East Side development, for between $700,000 and $1.5 million in bitcoin. Ben Shaoul, president of New York broker firm Magnum Real Estate Group, has no reservations accepting cryptocurrency, but admits it is mainly a progressive marketing tool to gain an edge on the competition. “Over the next five or 10 years, I could see up to 25 per cent of real estate payments being made in bitcoin or a similar digital currency,” Shaoul said.

Online portals that facilitate real estate purchases using bitcoin have been popping up, with one of the largest,, marketing real estate payable either in US dollars or bitcoin and two other popular cryptocurrencies, ethereum and litecoin. The portal offers a wide range of choices, from a beach villa in Costa Rica to a city condo in Bangkok, a mansion in Scotland, a French chateau, a Hong Kong penthouse or an ocean view apartment in Curacao.

Advantages of bitcoin

That said, bitcoin has also emerged as a tool for buying big-ticket items, and as such has piqued the interest of the wealthy. Bitcoin has also emerged as a cheaper alternative to transfer large sums of money, avoiding fees and complicated and sometimes protracted transactions in traditional channels.

As bitcoin bypasses banking networks, transaction fees are as low as 1 per cent and transfer time is reduced to a few minutes. There is no paperwork and the transfer of value across the globe is frictionless and instantaneous, which means a buyer from Dubai could sign a contract for an apartment in London or a Tuscany farm mansion with a mouse click and without the need for currency conversions, banks and agents.

This convenience has awoken the interest of realty agents and real estate administrative bodies who are now looking closer into the advantages of blockchain technology, the nerve string of any cryptocurrency network. Some even believe that bitcoin will disrupt the entire industry when combined with smart contracts and blockchain-based data storage, which would radically improve transparency, speed and security of property transactions.

Here is where governments come into play to revisit the systems currently in place. The opportunity is that blockchain-based property transactions take away the need for third parties that currently make buying and registering real estate a cumbersome and costly process. As of now, real estate deals are paper-based and involve brokers, escrow agents, lawyers, notaries and banks; on the other hand, a blockchain-based process would allow people to transfer funds, property titles and data digitally, safely, reliably and far less costly in a convenient peer-to-peer manner. It also prevents forgery or malfeasance of any form as transaction records in blockchain are unchangeable.

“Blockchain will allow truly digitised property ownership and exchange, as well as data transfer,” says Ragnar Lifthrasir, founder and chairman of the California-based International Blockchain Real Estate Association (Ibrea), one of the driving forces in the global adoption of blockchain in the real estate industry. “It gives real estate stakeholders more transparency, liquidity and profitability and enables the next evolution of the real estate industry.”

In October, Ibrea presented at the World Blockchain Summit in Dubai, and the Dubai Land Department (DLD) is now developing a system that will record all local real estate contracts on blockchain, making the UAE one of the first two countries to do so, with the other being Georgia.

Dubai blockchain

Dubai ultimately aims to secure all government documents on blockchain by 2020, and the DLD has been tasked with implementing blockchain to gain the confidence of global real estate investors. “Our aim is to unite all real estate and department services on a single platform,” said Sultan Butti Bin Mejren, director general of the DLD, during the launch of its blockchain initiative in October. “We hope to complete our project in 2019-20.”

The technology allows investors to verify property data that is backed by timestamp signatures, enhancing the transparency, accuracy and credibility of transactions, the DLD said. Buyers and tenants will be able to make payments electronically and not write cheques. The process would be completed in a few minutes at any time and from anywhere using a single platform, removing the need to visit any government entity.

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Northern Ireland Property Developer To Accept Bitcoin As Payment Option

Hagan Homes, one of Northern Ireland’s biggest residential property developers, will now be accepting Bitcoin (BTC) as a payment method, the Belfast Telegraph reported Feb. 22.

Jamesy Hagan, the managing director of Hagan Homes, said there is both an increasing international interest in working, living, and investing in Northern Ireland, as well as a “significant growth in the use of Bitcoin worldwide:”

“Our acceptance of this new channel reflects our willingness to respond to the market.”

The Belfast Telegraph writes that Hagan Homes is reportedly the first house-building firm in the Republic of Ireland to accept BTC payments.

Hagan did recognize the challenges in accepting Bitcoin as payment. He noted the current volatility in the crypto markets, with BTC’s price going from $20,000 to $7000 in the span of just a few months:

“Of course, there are some risks to using Bitcoin for payment due to the cryptocurrency’s volatility, but buyers and sellers are finding creative ways to deal with these challenges […] By incorporating the learning from our peers into our approach we can embrace this innovation.”

Bitcoin payments for properties have already taken place in cities across the US, as well as in the United Arab Emirates and Indonesia. Blockchain technologies have seen a rising use in real estate as well, with the city of South Burlington, Vermont implementing a pilot Blockchain program in Jan. 2018 to record real estate transaction.

Seven reasons to buy property in Dubai

As the 16th edition of Cityscape draws closer, here’s why now is a good time to buy

Image Credit: Supplied

The 16th edition of Cityscape Global brings changes that could stir greater interest in the annual real estate expo. The most notable is the decision to allow developers to sell on-site. In what is a first for Cityscape, which will be held this year on September 11-13 at the Dubai World Trade Centre, developers of UAE projects will be allowed to sign sales deals during the show, which opens a new window of opportunity for both sellers and visitors. Furthermore, with residential prices now near the bottom of the current cycle, there are a lot of great deals now available in the market. Here are some reasons why it’s a good time to buy in Dubai.



1. New REIT choices

There are a number of Real Estate Investment Trusts (REITs) that have entered the market this year. Consequently, a lot of new activity is happening in the REIT market, with several new products being launched or planned in Dubai and Abu Dhabi this year, according to Craig Plumb, head of research at JLL Middle East and North Africa. “The major attraction of REITs is that they allow small retail investors to participate in the real estate sector without the need to buy real estate assets directly, which is time-consuming, lumpy and relatively expensive,” says Plumb.

JLL expects more REITs to be launched over the next few years focusing on sector-specific vehicles to attract investors looking for exposure to a particular asset class such as hospitality, logistics or education. “Dubai currently is the best market in the region for institutional investors, but it is limited by a lack of good-quality investment products on secure long-term leases,” says Plumb. “If more products of this type were offered at the right price, there would be strong interest from investors.”

2. Affordable housing

The availability of affordable housing options in the market attracts both investors and end users. Plumb says the shift towards the middle-income or affordable sector over the past few years is a positive development. “An increasing number of developers are launching projects in line with JLL’s definition of affordable, i.e. Dh780,000 for two-bedroom units,” says Plumb. “And the availability of more affordable housing in the market increases the attraction and competitiveness of the city.”

A major issue now facing the market is ensuring that such housing units remain affordable by limiting purchases by investors. “The challenge to Dubai’s position as a competitive global city is confirmed by a recent study from Rent Café, which shows that renters in Dubai currently spend an average of 39 per cent of their salaries on rents, making it the ninth most expensive of the 30 global cities covered in their report.”

3. Off-plan deals

The past two quarters have seen off-plan surpassing secondary market sales by 30 per cent, which shows the amount of investor confidence in Dubai. “We have seen payment plans extended to post completion so buyers can pay up to 30 per cent after the handover of the keys, which enables them to get rental income to help cover the costs,” says Laura Adams, managing director of Carlton Real Estate. “Others have put 70 per cent as final completion payment, which is in line with the amount banks are lending.”

4. High returns

Dubai’s property market offers attractive rental returns when compared with other places in the world. Richard Paul, head of residential valuations at Cluttons, says that even in a softening market, investors can achieve gross yields of between 6 per cent and 10 per cent. Additionally, financing for such investments are available at interest rates of around 4 per cent, which is competitive compared with interest rates offered in other markets around the world.

He explains that the Dubai property market is still a relatively high-risk profile option, but allows investors to achieve higher returns. “The risk profile of any investment defines what kind of yield returns it can offer,” says Paul. “The real estate market in Dubai is a young market; investment options for expats manifested only in 2003, so understanding a market which has fast-changing cycles and influences can be challenging, but there lies the upside of the potential for greater return. When comparing Dubai with more mature markets with more predicable cycles, the potential returns are often lower.”

Paul believes that Dubai can certainly offer excellent returns for investors, but only if investors fully understand the market.

“They must carry out necessary due diligence and look to seek out impartial professional advice,” he says. “The present market is ideal for longer-term buyers with an investment outlook of five or more years, who are looking to purchase a property at the bottom of a pricing cycle. However, they need to be committed to the region.

“I would discourage speculative buyers who think they might make a quick profit by exiting in 12-24 months. I don’t see a quick turn in prices in the short term, neither do I want speculative buyers upsetting market stability.”

5. Community choices

Buyers in Dubai now have a wider range of property options. In recent years, several new projects have been launched in emerging as well as more established communities, and the government has also recently announced significant spends on the city’s infrastructure.

Paul points to communities that are well developed and have good levels of infrastructure, roads and proximity to other facilities, including hospitals and schools. “Look for properties that have established and built-up surrounding areas,” he says. “Locations that are fairly speculative will tend to have a lot of vacant space neighbouring them. As such, they can be affected by more supply surrounding them and unforeseen development changes, which could ultimately result in prices softening.”

6. Expo 2020 and Vision 2021

“We hope that the Expo and Vision 2021 will bring the spotlight back on Dubai,” says Paul. “In turn, hopefully we will see firms from around the globe consider expansion and relocation plans into the region. The hope is that this brings growth in commerce and employment opportunities and thus a flux in the population, which in turn will lead to an increase in demand for residential property and stability in pricing.”

7. Upbeat trends

As the market tightens this summer, developers are offering attractive deals to win sales, says Sandrine Loureiro, operations manager of Rocky Real Estate. “Payment plans offering 20-80 or 25-75 schemes have become stretched to instalments over four and five years post handover,” says Loureiro. “This is very attractive to some investors. Investors are now looking at quality versus price and location, as well as long-term returns.

“Master communities that are offering lifestyle and quality at a price such as Damac Hills, Nshama, Ellington and Azizi Riviera have received a lot of interest for their value-for-money products. Affordable products, which were not available before, have been launched by companies such as Danube, Azizi and Damac [wherein] clients can purchase a studio from Dh400,000 and a villa from Dh1 million. Owning property is a tangible, solid, long-term investment. Whether the markets go up or down, the asset is always there and offers a regular income, a holiday home or a safe haven.”

Make the most of your Cityscape visit

Tips to help achieve your objectives at the show.

* Cityscape is the heartbeat of the real estate market not only in Dubai but also in the region. Like every event, preparation is essential. Following the announcements, checking the exhibitors and planning the visits, as well as registering for conferences and networking events, are of utmost importance.

* As the exhibition is big, it is better to visit the show, not in one day and squeeze everything in, but the entire three days with a proper plan according to your area of interest.

* This year we expect the buyers to show good interest, as there will be new launches. Buyers should have a shortlist of projects within their requirements and budgets. This will allow them to focus on their target properties for a better result.

* The event is also a place to see many real estate professionals. Meetings are intense and require attention. Marketing materials and logistics should not be left to the very last minute.

* The top reason to buy property in Dubai is the trust in the Dubai brand — it is a safe place with regards to political and economic stability. The city offers property ownership, great yields for investors, has a dynamic character and is safe to live in. The city always has new and exciting projects announced one after another. And being a business and leisure hub, it attracts people all around the world, which keeps the demand high.

Source: Ozhan Kalkan, country manager of REIDIN

10 reasons why you must invest in Dubai property

Here are a few reasons for investors to consider committing to the Dubai real estate sector:

Expo 2020 is coming to Dubai
Dubai is hosting the next World Expo in October 2020. The Expo will attract approximately 25 million visitors from 180 nations. The announcement of the Expo in Dubai has boosted the off-plan property sector. Investors who are buying property near the Expo will receive a high return on investment. The Expo’s duration is six months and millions of visitors will need to rent property. The rental demand will be high, enabling landlords the flexibility to increase rents.

Dubai seeks to become happiest city in the world
Dubai created the Ministry of Happiness in 2016. The primary duty of this ministry is to develop programmes and policies to improve the happiness levels of Dubai’s residents.

High return on investment
Dubai’s real estate market is maturing as the city’s population is increasing each year. Investors aware of the growing demographic are wisely purchasing property to supply the boost in rent demand.

Dubai’s tourism industry is booming
Dubai’s economy incorporates tourism, trade, business services and other industries. The construction of new hotels and real estate projects is a direct result of Dubai’s growing tourism industry.

The Museum of the Future
The Museum of the Future allows visitors to experience the future through cutting-edge simulations and interactive exhibits. The museum will include scientific conferences and offer advanced courses on new scientific achievements and trends. The museum will focus on solutions to the top three challenges emerging from climate change: water supply, food security and self-sufficient cities.

Low crime rate
The sense of safety is a major advantage of buying property in Dubai. Minor crimes are also unlikely. Do not worry if you accidently leave your wallet visible in your car. It is highly unlikely to be stolen.

Superior transportation routes
Dubai is continuously advancing its transportation infrastructure. The US-based Hyperloop One is creating an expedited transportation route between Dubai and Abu Dhabi. Hyperloop One prepares to launch the world’s first operational Hyperloop system, allowing passengers to travel between the emirates in pods at 1,200 km per hour. The project’s goal is to provide transportation from Dubai to Abu Dhabi in 12 minutes. Hyperloop One estimates that approximately 4,000 vehicles commute daily from Abu Dhabi to Dubai.

No annual property taxes
Investing in Dubai’s real estate market is tax-free. Purchasing a commercial or residential property will not include taxes. Once the property is purchased, owners will not be obliged to pay additional taxes in the future.

Dubai’s population is growing
Property project launches in Dubai are estimated to increase as its population grows each year. The Dubai Statistics Centre announced that Dubai’s population in January 2016 was 2.4 million and will reach 5.2 million by 2030.

Gourmet restaurants, entertainment
Dubai offers unique experiences with desert safaris, luxurious spas, beaches, yacht communities, skydiving and water parks. The city is also known for its wide selection of gourmet restaurants from each region.

Article by Khaleej Times:

Pay With Cryptocurrency and get a discount on this property

Property buyers will be able to make transactions using the developer’s digital currency channel.

The offer is for a residential project in Arjan

Samana Developers has broken ground on its first real estate project – Samana Greens, with an offer of 7 per cent discount for buyers who make payments through cryptocurrency. The project will come up at Arjan.

The Dh75 million Samana Greens will deliver 131 residential units comprising studio to 2-bedroom apartments. Construction is scheduled to start this month and will be completed in April 2020.

Property buyers will be able to make transactions using the developer’s digital currency channel.

Imran Farooq, CEO of Samana Group of Companies, said: “Samana Greens will be based on green building concepts. Customers can choose their preferred mode of payments – be it cash, cheque, credit card, home finance, bank transfer of cryptocurrency.”

The project will be fully financed by Samana Developers. Once construction starts, Samana Developers will announce the pricing and payment plan.

In September, the Aston Plaza and Residences development in Dubai Science Park began offering off-plan studios and one- and two-bedroom units starting from around 30, 50 and 70 bitcoin, respectively.

MAG Lifestyle Development said it is ready to accept payments in Islamic cryptocurrencies, including OneGramCoin. The developer also announced in December 2017 a 5 per cent discount for “digital” buyers in any of its eight current real estate projects.