Crypto property: villa in Marbella accepts BTC

Marbella, Spainsee a new case of real estate in crypto: the owner of a €4.3 million villa has decided to put it up for sale by accepting Bitcoin (BTC) and Ethereum (ETH).

Property in crypto: the case of the Marbella villa and more

According to an anonymous source, it appears that it is possible to sell and buy property in crypto in the city of Marbella in Spain as well.

There is a villa put up for sale at a price of €4.3 million which has added Bitcoin (BTC) and Ethereum (ETH) as payment methods.

The long crypto winter does not stop what has been referred to as “property in crypto”, which, while still uncommon, doesn’t seem to be anything new.

In fact, there have already been other cases around the world where real estate has been purchased in cryptocurrencies, particularly in BTC.

Portugal: Braga house sold for 3 BTC

Unlike the villa in Marbella, a house in Braga, Portugal was sold directly for 3 BTCwithout conversion to euros and results in the country’s first transaction for this type of 100% crypto purchase.

In accordance reportsin May 2022, the three-room apartment in Braga was the first to see a transaction entirely in cryptoworth an equivalent value at the time of 110,000 euros.

This was made possible through the deed of this home, signed in Póvoa de Varzim, district of Porto, which accepted the revolutionary innovative payment method, and with participation of Zome and the law firm ECIJA in Antas da Cunha, Bastonário dos Notários in Portugal and others Crypto Valley Partners in Switzerland.

In this regard, Carlos SantosCTO of Zome said:

“The future of brokerage will come via cryptoassets, so we believe this transaction will start a whole new world of possible business.”

USA: the first BTC real estate purchase in Texas in 2017 and the involvement of NFTs

When you move to the US, it’s easy to find news about first real estate purchase in Bitcoin recorded in Texas “way back” in 2017.

Without disclosing the purchase price, it appears that the property located in the central part of Austin, an affluent neighborhood known as the world capital of live music and growth in the technology sector, Kuper Sotheby’s International Realty was the first brokerage to close the deal.

As with the case in Portugal, so was the Texas house purchased entirely in Bitcoin (BTC).

Another case of crypto real estate that also involves NFTs happened in Gulfport, Florida, through startup Propy.

Much more recently (February 2022) it appears that the 2,164 square meter house sold at auction for $653,000 (210 ETH) and the winning bidder was awarded one Non-Fungible Token (NFT) as proof of ownership of the house.

ONE new experiment with crypto and real estate which, along with accepting ETH for buying and selling a house, wanted to attach an NFT as proof of ownership even though it is not yet attached to the deed but to the ownership of an LLC that owns the physical asset.

The startup claims that NFTs can be used as collateral for borrowers and cryptocurrency investors. In this regard, Propy CEO Natalia Karayaneva so:

“We’ve received hundreds and hundreds of inquiries from sellers to sell their homes across the United States. The next big sale will be in Tampa again, it’s a condo that’s worth between $200,000 and $300,000.”

Italy: physical home worth €940,000 sold in crypto along with LAND in the metaverse and NFT for certification

In Milanduring May 2022, a famous film director sold his €940,000 home in cryptocurrencythanks to Sanremo-based luxury real estate portal Luxforsale handling the real estate transaction.

The matter so a gift to the buyer of 3 LANDS in the metaverse and an NFT for virtual authentic certification of the property.

So not only real estate in crypto, but also NFTs and the metaverse was involved in the original deed of the apartment in Piazza Cinque Giornate in Milan.

After all, it’s not news that real estate is also an explosive sector of the metaverse. It is enough to think about the investments made on the large Sandbox and Decentraland platforms in real estate.

The reasons to use cryptocurrencies to buy a home according to BitPay

The renowned US provider of Bitcoin and crypto payment services, BitPay, have published a list of reasons why people want to use cryptocurrencies to buy a home.

Here are the reasons for Bitpay:

• Investment diversification: buying real estate with cryptocurrencies can offer stability;
• Cash for retirement: after a career investing in cryptocurrencies, you could be – ready to retire by choosing to buy a home in crypto instead of selling your assets.
• Discounted selling price for crypto payments: if a seller is particularly supportive of crypto, they may offer a discount on property purchases made with crypto.
• Faster transactions: blockchain technology and smart contracts can eliminate traditional waiting times and middlemen from real estate.

Of course, in contrast, BitPay also specifies what can be seen as disadvantagessuch as merchants’ reluctance to accept cryptocurrency payments and the daily fluctuations in cryptocurrency prices that affect purchasing power.