Spain Leads the Way in Crypto Real Estate Deals, Study Finds
Study Finds Spain is Hotbed for Cryptocurrency Real Estate Deals
• Forex Suggest study found that Spain has the most properties available to purchase with crypto.
• Thailand, Portugal, and the UAE are also popular countries for cryptocurrency real estate investments.
• Benefits include avoiding associated costs of transferring fiat currency, but low availability of mortgage lenders accepting crypto as deposit can be a problem.
Spain at the Forefront of Crypto Real Estate
A recent study made by Forex Suggest found that Spain is the hottest destination for real estate crypto investors due to its 289 properties available to purchase with cryptocurrency. The majority of these properties are located in Alicante and Marbella, with more urban options in Barcelona. After Spain, Thailand was identified as having 227 properties on offer and Portugal came in third with 130 properties. Canada was identified as having the most expensive prices per property at an average of 250 bitcoin, while Philippines had some of the cheapest options averaging just over 15 bitcoin per property. El Salvador fell somewhere in between both extremes, averaging around 40 bitcoin per property.
Benefits and Drawbacks to Purchasing Property With Crypto
The report outlined several benefits to purchasing a property with cryptocurrency such as avoiding associated costs when transferring money overseas and bypassing stringent regulatory frameworks like those present in the U.K.. However, there are drawbacks too; one being the low availability of mortgage lenders willing to accept crypto deposits which can complicate the process even further. Despite this, platforms have been popping up since last year allowing customers to list their prices in cryptocurrency indicating that demand is growing steadily despite any challenges involved with it.
First Ever Reported Crypto Real Estate Sale Happened In 2021
In August 2021, one of the first reported real estate sales paid entirely in cryptocurrency happened in Venezuela after a record-breaking sale worth over 9 million dollars was processed through Bitcoin (BTC). This sale demonstrated how far blockchain technology has come since its early days when it wasn’t considered viable enough for large financial transactions like buying real estate and indicated strong potential for future growth within this field.
Cryptocurrency real estate purchases are becoming increasingly popular due to their many advantages compared to traditional fiat transfers such as cost savings and efficiency gains from bypassing lengthy paperwork processes involving banking institutions or governments. Although there may be challenges along the way such as finding suitable mortgage lenders who accept crypto deposits, these will likely become less frequent over time as more people become familiarized with cryptocurrencies and blockchain technologies continue to grow strong throughout 2021 and beyond!