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- Real estate transactions using cryptocurrencies have increased by 25% in the past year, according to a report from digital asset platform Forex Suggest.
- Spain leads the list of countries with 289 properties for sale available in Bitcoin, followed by Thailand and Portugal.
- Smart contracts are seen as a benefit of using cryptocurrencies to buy real estate, as they can make transactions and property transfers faster and more efficient. The Philippines has only eight properties available for purchase with an average listed price of 15 BTC.
Despite the crypto-winter that the industry has been experiencing for the past year, the number of real estate properties that are being sold and purchased in the market using cryptocurrencies has increased by 25% over the past year, digital asset platform Forex Suggest reported.
According to the report, the top 20 countries with the most properties that are currently available on the market total about 1,500 properties. Almost all available properties are also sold in Bitcoin.
Among the countries, Spain ranks as the top country with 289 properties for sale. These are largely comprised of villas in and around the cities of tourist hotspots Alicante and Marbella, as well as apartments in Barcelona.
In 2013, the Immigration Department of Spain implemented the Golden Visa scheme, which allows citizens around the world to secure a residence permit when they buy a property in the country. The permit is renewable every two years, and the property investment should be at least €500.000, or around ₱28,000.00.
In addition, Thailand and Portugal, the second and third top countries on the list, have 227 and 130 available properties, respectively. Most of the properties that are being sold in Thailand are located on the islands of Phuket, the largest island in the country, and Koh Samui, the island with several incredibly iconic and ornate temples. While the majority of the properties that are being sold in Portugal are located in Lisbon, the capital city, and in Porto, the country’s second-largest city.
Meanwhile, in terms of price, the real estate market in Canada averages the most expensive properties available. As per the report, the average listed price in Canada is sold at around 150 BTC; that is more than ₱185 billion each. It has almost the same average price in the United States, with an average price of 120 BTC, or about ₱150 billion each.
However, the Philippines, with only eight properties being sold on the market, proved to be the most inexpensive, with an average listed price of 15 BTC, or about ₱20 million each only. According to a separate report by real estate platform Dot Property, the average real estate property in Metro Manila, the country’s capital, is worth about ₱35 million each and increases in value by 15% yearly.
Buying real estate property using cryptocurrencies is one of the advantages that the industry has. As per Bitcoin payment service provider BitPay, one of the benefits of buying a crypto real estate property is the use of smart contracts, which enable faster, more nimble transactions and property transfers. Smart contracts are said to cut traditional wait times and middlemen out of the real estate industry.
Though using cryptocurrencies to buy real estate properties is not that prevalent yet in the country, it seems to be a popular thing in the future, as there are 6,986,919 Filipino crypto owners recorded by Coin Journal.
This article is published on BitPinas: Buying Real Estate Properties Using Crypto Up By 25%—Report
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.