It is the first time that a real estate transaction using bitcoin has taken place in Europe.
The real estate market has experienced another historic moment. In 2022 the first property was directly sold for bitcoin without the need for prior conversion to another currency.
An apartment in the Portuguese city of Braga was bought for three bitcoin in May 2022. The equivalent fiat price at the time being roughly 110,000 euros.
New Regulations Opened the Door
This momentous occasion was due to new regulations of the “Order of the Notaries”, which was launched a month earlier.
The process is actually quite simple. The property is revalued through an exchange where the buyer gives his bitcoin to the seller, and through the exchange of the digital money, the right to the property is delivered. If you wanted to buy a house with bitcoin prior to this legislation, you would first have to convert the bitcoin to euros to carry out the transaction.
Portugal is Bitcoin-Friendly
With a relatively low cost of living and a bitcoin-friendly tax policy, Portugal is now a hub for technological innovations. Portugal has also become a home for digital nomads. With this growing network and favorable policy, Bitcoin refugees from Ukraine have recently flocked to the country.
As a result of the latter, Portugal became one of the best options for refuge after the Lisbon authorities simplified the arrival procedures for all Ukrainians leaving their country in the midst of a war.
With no taxes on profits from bitcoin investments in the private sector, Portugal quickly became the most attractive destination not only for those fleeing the war but also for Bitcoiners in search of a land of opportunity.
Programmers and developers of applications and games have also begun to settle in Lisbon. Now that a new precedent has been set purchasing real estate in Portugal and Europe, bitcoin is making even more space in today’s world. Just imagine what else will be sold for bitcoin, achieving an increasingly global adoption.