Lingerie tycoon plans £250 million Dubai property sale using bitcoin

Lingerie tycoon Michelle Mone plans to offer a £250 million development in the heart of Dubai for sale to purchasers using Bitcoin. (@MichelleMone)
Updated 09 September 2017

Lingerie tycoon plans £250 million Dubai property sale using bitcoin

LONDON: Lingerie tycoon Michelle Mone and partner Doug Barrowman plan to offer a £250 million development in the heart of Dubai for sale to purchasers using bitcoin.

The businesswoman who founded the Ultimo lingerie range and was nicknamed ‘Baroness Bra’ when she became a British parliamentarian, has launched a site offering the first property development for sale using the crypto-currency.

She has teamed up with Doug Barrowman, the chairman of the Knox group of companies to launch Aston Property Ventures.

“I am thrilled to be launching a project of this scale as a step in the property development business. This is also a natural progression from the launch of Michelle Mone Interiors – bringing together my two passions in business for the first time; design and property,” said Baroness Mone.

Investors are being offered 150 apartments located in Dubai Science Park which are being developed by Dubai-based Aston Developments. The project is due to complete in Sept. 2019.

Studio apartments will start from 27 bitcoins ($124,000) with packages for interior design services and furniture available using bitcoins.

Aston claims investors can expect to receive rental returns of nine percent following handover.

“I wanted to offer the property, tech and blockchain community a unique and exclusive opportunity by merging the property and tech sectors together in a true first for the industry,” said Doug Barrowman. “Bitcoin’s meteoric rise in a few short years means it’s now the world’s leading cryptocurrency. This is exactly why we are the first property development ever to be priced in Bitcoin.

After a rampant rally in recent months, bitcoin has fallen sharply since Sept.1 losing about 20 percent against the dollar.

The launch of the bitcoin property development in Dubai comes just days before the annual Cityscape property exhibition where developers compete to grab the headlines surrounding the latest real estate launches.

Competition for investors is expected to be fierce amid a subdued residential property market where a glut of new homes is weighing heavily on prices.

In 2016, house prices in Dubai fell by between eight and 11 percent, according to credit rating agency Standard & Poor’s, which forecasts a continued fall in property prices and rents across the emirate throughout 2017.

US economists less optimistic, see slower growth: survey

Updated 25 March 2019

US economists less optimistic, see slower growth: survey

  • While the odds of a US recession by 2020 remain low, they are rising
  • The odds of a recession starting in 2019 is at around 20 percent, and for 2020 at 35 percent

WASHINGTON: US economists are less optimistic about the outlook and sharply lowered their growth forecasts for this year, amid slowing global growth and continued trade frictions, according to a survey published Monday.
And while the odds of a recession by 2020 remain low, they are rising, the National Association for Business Economics said in their quarterly report.
The panel of 55 economists now believe “the US economy has reached an inflection point,” said NABE President Kevin Swift.
The consensus forecast for real GDP growth was cut by three tenths from the December survey, to 2.4 percent after 2.9 percent expansion in 2018.
The economy is expected to slow further in 2020, with growth of just 2 percent, the report said.
Three-quarters of respondents cut their GDP forecasts and believe the risks of to the economy are weighted to the downside.
“A majority of panelists sees external headwinds from trade policy and slower global growth as the primary downside risks to growth,” NABE survey chair Gregory Daco said in a statement.
“Nonetheless, recession risks are still perceived to be low in the near term.”
Panelists put the odds of a recession starting in 2019 at around 20 percent, and for 2020 at 35 percent, slightly higher than in December.
Daco said that “reflects the Federal Reserve’s dovish policy U-turn in January” when the central bank said it would keep interest rates where they are for the foreseeable future, a message reinforced this week.
After four rate increases last year, Daco said a “near-majority of panelists anticipates only one more interest rate hike in this cycle compared to the three hikes forecasted in the December survey.”
Panelists see wage growth as the biggest upside risk to the economy, despite expected increase of just 3 percent this year, as inflation holds right around the Fed’s 2 percent target.
Meanwhile, amid President Donald Trump’s aggressive tariff policies, the panel projects the trade deficit will rise to a record $978 billion this year, beating last year’s record $914 billion.
In an interesting twist in the survey, only 20 percent said they expected to see the dreaded “inverted yield curve” — when the interest rate on the 10-year Treasury note falls below the 3-month bill — this year.
In fact, the yield curve inverted on Friday for the first time since 2007.