Cryptocurrency shows no signs of dropping off as a means of payment in the real estate sector despite a lower Bitcoin price and the Turkish real estate market is the most recent location to offer buyers a digital means of settlement for their new home.
A house in Turkey can now be purchased for a little as 9 BTC (about USD 35,000) each, which has this writer thinking about a life in the sun. One of the platforms encouraging Turks and foreign investors to look to real estate purchasing with their Bitcoin is Antalya Homes with offices right across Turkey.
In fact, Turkey, with its unique position dividing two continents, became one of Europe’s most popular property investment locations in 2018 with some 40,000 properties having been sold to foreigners throughout last year.
Houses can now be purchased in a number of cryptocurrencies including Bitcoin (BTC) Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Litecoin (LTC), Tether (USDT) and Stellar (XLM). Bayram Tekce, Chairman of Antalya Homes points out the befits of paying digitally:
“Payment with cryptocurrency enables a more reliable and faster transaction performance such as money transfer between bank accounts without any exchange loss. By making investments particularly in countries like Turkey, where housing is becoming increasingly valuable, investors can shift their investment to a less risky and safer area, and multiply their savings.”
To make it easier for clients the company has created a “Pay with Bitcoin” feature on the website, and to date, nine real estate purchases have been made using the facility.
Also in Europe, the first real estate transaction on blockchain was successfully completed in Switzerland last year. The feat was achieved by Blockimmo Ltd, a blockchain property transaction platform, in collaboration with two other companies.
The blockchain-backed real estate transaction, worth CHF 3 million (Swiss francs approximately USD 2.98 million), was conducted by Elea Labs Ltd, Swiss Crypto Tokens Ltd and Blockimmo, for a deal consisting of a restaurant and 18 apartments.
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