Cypriot Luxury Apartments Up For Sale in Bitcoin

Bitcoin can now buy you a luxury living experience, as a property developer in North Cyprus is selling modern luxury beachfront apartments for the popular digital currency.

Kensington Development Group, a property developer in North Cyprus, is offering about 500 apartments at its project, Bitcoin Resort, a beachside resort on the coast of northern Cyprus.

The beachfront apartments cost from 120 bitcoins, according to the developer's website.

The resort claims to have stunning ocean views, secure underground parking, swimming pools and a restaurant.

The apartments offer bitcoin enthusiasts a chance to own a Mediterranean vacation property as well as to diversify their assets.

"Not only do buyers get a beautiful escape from the cold of winter, but they get to vacation and socialize with other Bitcoin users," said Udi Ilan, lead developer of the Kensington Development Group.

Real Estate Sector and Bitcoin

A growing number of property developers and businesses related to the real estate sector across the globe are accepting bitcoin as a payment option.

Abbotsford developer Quantum Properties earlier said it is accepting Bitcoin for a deposit on any of their residential developments.

An Australian businessman has offered to sell his A$1.4m (US$1.3m, £765,000, €914,000) family home in Perth for the crypto-currency.

In the US, Bond New York, a Manhattan-based real estate broker, has started accepting the digital currency for real estate transactions. Jack Sommer, a casino-owner-turned-developer, is selling his 25,000-square-foot Las Vegas mansion for $7.85m in bitcoin.

"For developers like ourselves at the Kensington Development Group and for brokers, Bitcoins present an entire community we can appeal to," Ilan said in a response to IB Times UK.

"Also, because we are offering vacation properties in North Cyprus to an international market, using Bitcoin means less trouble dealing with exchange rates, transaction fees and processing delays."

When asked about the future of bitcoin, Lan said: "Digital currency is here to stay, whether it is Bitcoin or some other form."

He cited the example of the upcoming launch of the Laxmi, an Indian digital currency, after most of bitcoin exchanges were shut down in the country following a warning by the Reserve Bank of India.

"Digital currency is a genie that has escaped its bottle and there is no going back," Ilan added.