By 2023, people have begun to actively embrace the benefits of the crypto economy. While cryptocurrencies have been primarily used for investment purposes, their practical applications in everyday life have been limited. However, there are a few countries that allow their citizens to purchase real estate using cryptocurrencies. In this article, we will explore the feasibility and convenience of such transactions.
Finding Apartments for Crypto: Where Can You Buy?
Since 2013, it has been possible to purchase houses, apartments, and luxury properties using Bitcoin and some altcoins. The crypto real estate market has become even more diverse and accessible today, with international decentralized marketplaces gaining popularity. Countries like Cyprus, Germany, Portugal, the United Arab Emirates, Georgia, Turkey, and Thailand have emerged as favorable destinations for crypto real estate transactions.
For example, Thailand was the first Asian country to allow cryptocurrency transactions, but as of 2022, crypto can only be used for investment purposes. In Cyprus, cryptocurrency transactions are prohibited, but licensed foreign exchanges facilitate real estate purchases. In Germany, citizens can freely engage in cryptocurrency transactions for real estate, with transactions involving Bitcoin being notarized, and taxes remaining the same as fiat money transactions. Portugal has shown a positive attitude towards crypto transactions, with no taxes imposed on such transactions.
Dubai introduced the sale of apartments for cryptocurrencies in 2017, but the authorities later banned it. However, developers and intermediaries quickly established collaborations with exchange companies, enabling customers to proceed with transactions by paying a relatively small commission of up to 3%.
Benefits of Buying Real Estate with BTC
While the cryptocurrency market continues to evolve, the question arises: why has buying real estate with coins suddenly gained importance? Why is it more practical to pay for an apartment with Bitcoin rather than buying everyday items like bread in a grocery shop?
In 2023, the demand for overseas real estate has surged, and the number of global migrants has increased. Many people prefer a semi-nomadic lifestyle, constantly moving from one country or city to another. Cryptocurrency has become an ideal solution for those constantly on the move, providing a means to convert and store funds. With a crypto wallet equipped with built-in exchange features, individuals can manage their savings efficiently.
Advantages of purchasing real estate with cryptocurrency:
- Increased transaction speed: Transactions are conducted directly between the payer and the selling company, eliminating the need for intermediaries and reducing processing time.
- Reduced commissions: The absence of third parties translates to lower transaction fees when purchasing real estate.
- Simplified process: Real estate investments have become more accessible, as companies can freely sell shares for cryptocurrency, eliminating the need for extensive registration procedures.
- Potential tax benefits: Depending on the country's regulations, buying real estate with tokens may result in lower tax obligations.
The popularity of cryptocurrency real estate transactions continues to grow, with more international market companies offering this option. However, the question of safety remains.
Risks and Restrictions When Buying Real Estate with Cryptocurrency
Let's delve into some risks associated with Bitcoin in real estate transactions:
- Unverified sellers: As the crypto market is not fully regulated by authorities, it may not be possible to seek legal recourse against unscrupulous sellers. Clients' fund security relies solely on the internal security systems of the selling platforms.
- Crypto volatility: Bitcoin's price instability poses risks. However, using stablecoins, which are backed by fiat or gold, can mitigate many of these problems.
- Regulatory challenges: Bitcoin is not legalized in all countries, necessitating compliance with relevant laws during real estate purchases. Violating existing regulations can result in fines and legal consequences.
Where Can You Buy Real Estate with Bitcoin?
If you're interested in finding services that facilitate real estate purchases with BTC, here are some examples:
- Crypto Emporium: This large cryptocurrency marketplace, established in 2018, accepts cryptocurrency as payment for various goods, including real estate and cars.
- Bithome: A company offering a wide selection of real estate worldwide. They accept Bitcoin (BTC) and altcoins as payment for houses, apartments, and even land in countries like the USA, Switzerland, Mexico, and South Africa.
- Propy: An American real estate company that has leveraged blockchain technology to streamline the buying and selling process, making it faster and more efficient for cryptocurrency transactions.
In conclusion, buying a house or apartment with cryptocurrency has become increasingly feasible, affordable, and convenient. However, it is essential to exercise caution and only work with trusted platforms and sellers who adhere to regulations and prioritize the safety of transfers. By doing so, individuals can enjoy the advantages offered by the new Web3 space, such as fast transactions, reduced commissions, and potentially lower taxes.
What are your thoughts on purchasing real estate with Bitcoin? Feel free to share your opinions in the comments below.
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