The Bitcoin-Cyprus relationship has now come full circle.
Nine months after the Mediterranean country’s bail-in sent investors scrambling to find a safe haven for expatriated wealth — forcing many Russians in particular to begin exchanging their rubles for Bitcoin — one developer in Cyprus is selling luxury beachfront apartments for about 120 BTC each.
The Thalassa Beach Resort in North Cyprus is a development project headed by the Kensington Development Group in the area known as Bafra. Whole blocks of luxury apartments are going up, and buyers can get their hands on “beach front luxury apartments with 100% secure and undisputed title” by paying in Pounds Sterling or Bitcoin, among other currencies.
It should be noted that North Cyprus declared independence from the rest of the island in 1983, though its status is disputed by most governments. Only Turkey recognizes the independence of North Cyprus.
The deeds for the apartments predate the 1974 coup, thus the emphasis on “secure and undisputed” titles.
So far, about 70% of the units have already been sold. Interested buyers have until March 28 to scoop up their Bitcoin resort property. Qualified buyers are being flown out to the resort, travel costs paid for, to get a look at the units.
“By making the properties available via Bitcoin, we are able to reach out to the global audience of Bitcoin owners who have the currency and are looking for places to use it,” said a spokesperson for the Kensington group.