Thinking of Buying a Home with Bitcoin? In Turkey You Now Can.
Despite the loss in the value of over 80% in the crypto markets in the past year, data from Statista indicates that the number of cryptocurrency wallet owners has increased 32% and reached 31 million by the end of 2018. Widely used in many industries including automotive, travel and informatics, cryptocurrency has also become widespread in the real estate sector.
Many large and reputable companies have accepted bitcoin and other cryptocurrencies as payments for a while. Opera will soon also launch their new browser with Ethereum integration and a built-in wallet. Crypto is also steadily moving to more physical assets. The real estate sector has also experienced an increase in the use of digital currencies. A few successful real estate projects were funded through ICO’s in the past few years like Propy , Rentberry and Atlant . It is now also possible to buy houses with cryptocurrency in Turkey, a home for many foreign investors.
Leading Real Estate Agency in Turkey Accepts Bitcoin
With a total market value of 140 billion dollars, cryptocurrency is actively used in travel, food, information technologies, automotive as well as real estate sectors. As one of the most attractive European countries for housing investment where 40 thousand properties has been sold to foreigners in 2018, Turkey uses not only Bitcoin (BTC) but also Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Litecoin (LTC), Tether (USDT) and Stellar (XLM) for house sale transactions. Antalya Homes , the leading international real estate agency, which has helped thousands of foreigners obtain a home in Turkey to date, adopted an innovative approach selling nine houses in 2018 using Bitcoin (BTC).
"Purchasing property with cryptocurrency offers more advantages"
The leading real estate agency in Turkey, Antalya Homes is one of the organizations in the sector that accepts cryptocurrencies. Stating that they have completed sales of 9 real estates in 2018 using Bitcoin (BTC).
Bayram Tekce, Chairman of Antalya Homes said, "Payment with cryptocurrency enables a more reliable and faster transaction performance such as money transfer between bank accounts without any exchange loss. It is very profitable to purchase real estate for those who want to utilize their cryptocurrency investments in the real estate sector. 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. We created a special section named " Pay with Bitcoin on Antalya Homes website for all questions related to purchasing houses with cryptocurrency. For those who intend to purchase a home with cryptocurrency, Antalya Homes offers the opportunity to own a house in Turkey starting from 30 thousand Euros (9 BTC)."
Properties Bought with Bitcoin
This is not exactly a new thing. Expensive real estate has changed hands before in exchange for bitcoin. But this has not yet at a scale to call mainstream.
In February 2014, Finnish silver investor and Bitcoin millionaire Risto Pietilä, purchased Malla Manor, a 600-year-old castle located in North Estonia with the ambition of turning it into an international Bitcoin supercenter . This was the highest to purchase contract with bitcoin at the time. Sadly Malla Manor caught fire on 7th of September 2018.
A cryptocurrency trader Michael Komaransky sold his $6million Miami home to a buyer who paid in Bitcoin. While he'd have been happy to take US legal tender as payment, he hoped that someone would actually avail themselves of the Bitcoin option because it 'is digital currency that no one controls, and it's a very, very liberating currency. And there's not much use to a currency if you can't spend it somewhere.'
In April 2018, Guo Hongcai, a beef salesman and an early bitcoin adopter sold 500 bitcoin in the U.S. to purchase a 100,000-square-foot mansion in Los Gatos, California.
“It’s very normal to sell bitcoin in the U.S. After selling bitcoin, you can just buy anything you want,” Hongcai told CoinDesk
Are we going to see a new wave of crypto invested into real estate as the markets recover? Time will tell.