Dubai, United Arab Emirates (“UAE“) is rapidly establishing itself as a smart city across various business sectors, including real estate. From investing in flying taxis, establishing an innovative FinTech Incubator Hive, expanding its international financial center (“DIFC“) to creating whole islands inspired by prominent world sites, the UAE is truly exemplifying that no idea is to remote to actualize.
With an aim to change the landscape of real estate, on September 11th, the 2017 Gulf Real Estate Award winner for the “Best Use of Technology & Smart Projects,” The Kleindienst Group, launched its Dubai World Islands, The Heart of Europe’s Floating Venice project at Dubai’s Cityscape Global trade show. According to Chairman Josef Kleindienst:
“The Heart of Europe aims to bring together the very best of European design, architecture, heritage and culture to the Middle East.”
The Floating Venice is the world’s first underwater luxury vessel resort with 180 underwater cabins, including restaurants, bars and an underwater spa and gym. This design echoes The Heart of Europe’s luxury floating villas, The Floating Seahorse.
Further, The Heart of Europe is one of the first real estate developments in the Middle East North Africa (“MENA“) region to accept bitcoin as an international form of payment. In fact, at its Silicon Valley, United States launch in June 2017, two of the final remaining units were purchased using the digital currency.
Bitcoin is a decentralized (no central banking authority) payment method that is both fast and transparent and in the case of real estate–provides an alternative to conventional fiat payment. As Baroness Michelle Mone, whose development project, Aston Plaza, is also available for purchase using bitcoin stated on September 7th:
“Bitcoin is the currency of the future.”
and, such ventures are:
“the perfect opportunity for bitcoin investors to convert their holdings into real ‘brick- and- mortar’ assets.”
With both The Heart of Europe and Aston Plaza, one thing is certain, blockchain technology for real estate in the region and the use of bitcoin as a form of property payment is here to stay. In fact, earlier this year the Smart Dubai office announced its plan for making Dubai the “capital of the blockchain industry.”