Spain a Hotbed for Cryptocurrency Real Estate Deals, According to Study
A recent study indicates that Spain is one of the hottest countries regarding real estate offerings that can be paid with cryptocurrency. The report, prepared by Forex Suggest, found that Spain is the country with the most properties available for crypto, followed by Thailand, Portugal, and the UAE.
Spain Ranks First Among Countries With Properties on Sale for Crypto
A recent study made by Forex Suggest, which examined which countries had the most properties on sale for cryptocurrency, found that Spain was the hottest destination for real estate crypto investors. The study, which aggregated properties available in specialized crypto real estate portals, found that 289 properties were available to purchase with crypto in Spain alone.
The report explains that the properties offered are mostly located in the cities of Alicante and Marbella, and more urban properties are in the city of Barcelona.
This number puts the country at the forefront of all other nations by a significant number. Second to Spain is Thailand, with 227 properties available, and a popular cryptocurrency haven, Portugal, ranks third with 130 properties available.
Also, the report found that the country with the most expensive prices of properties available to buy with crypto was Canada, averaging almost 250 bitcoin per property, while properties in the Philippines have an average price of a little more than 15 bitcoin, being the cheapest around the world. El Salvador, a country that has adopted bitcoin as legal tender, falls in the middle, with average prices of close to 40 bitcoin per property.
Real Estate and Crypto
The document assesses the benefits and problems that transferring a property for crypto might bring to both owners and buyers. Among the most important benefits is avoiding the associated costs of transferring and paying with fiat currency, especially if the properties involved are located overseas.
Among the problems described by the report are the low availability of mortgage lenders willing to accept cryptocurrency as a deposit, and the current stringent regulatory framework in countries like the U.K., which might bring additional paperwork to the process.
The acceptance of crypto for real estate payments has been steadily growing, with several platforms opening the doors to list prices in crypto since last year. In Aug. 2021, one of the first reported real estate sales paid in crypto happened in Venezuela, when an apartment was sold using Tether’s USDT. In the same way, sales in Chile and Colombia were reported to be settled using bitcoin last year.
What do you think about the usage of crypto to purchase real estate properties? Tell us in the comments section below.