Crypto

Portugal: apartment is being sold for 3 bitcoins (BTC) without even converting to euro – Cryptoast

Apartment sold for bitcoin in Portugal

In the north of Portugal, in the city of Braga, home to the majestic Santuario do Bom Jesus do Monte, an unusual real estate deal has taken place.

For the first time in the history of the country and, more broadly, Europe, an apartment was sold for bitcoins (BTC) without converting the latter even into euros.

Indeed, in accordance with the new Ordinance of the Notary Public, which came into force last month, it is now possible to buy property in Portugal by paying only with cryptocurrencies.

The case of this order is settled in the same way as a normal transaction, 2 parties sign a contract of sale and the buyer receives ownership after paying a pre-agreed amount to the seller of the property.

This new type of deal heralds a new era, according to Zome, a real estate company that handled property sales in collaboration with a law firm:

“This act represents a historic step, the transfer of a digital asset into a physical asset – a house – without any conversion into euros. »

Note that until now it was already possible to afford real estate by paying with cryptocurrencies, but the latter had to be converted into euros in order for the operation to be possible. From now on, these transactions can be carried out directly in bitcoins, without any prior transformation or conversion.

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Real Estate and Bitcoin: The Formula for Success

Since last year, there are more and more measures that favor the integration of the real estate market with the cryptocurrency market, and this is at the international level.

In Spain, not far from where this unusual deal took place, last year the Popular Party proposed a bill to allow Spanish real estate companies to use cryptocurrencies to make loans.

On the American side, it was Magnum Real Estate Group, which announced that it now accepts cryptocurrencies as a means of payment last September, as did Mercado Libre, which made a similar announcement in the Latin American market.

Most recently, Dubai-based developer DAMAC Properties announced that it would accept bitcoin as a payment method for properties listed for sale in the region.

As for Portugal, this is an additional opportunity for the coastal country to show its interest and openness to cryptocurrencies.

Indeed, this is an attractive country for bitcoin holders, as they are completely exempt from capital gains taxes, if it is not related to a professional field.

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Source: Idealista

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About the author: Maximilian Prue

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Passionate about the world of decentralized finance and what’s new in Web 3.0, I write articles for Cryptoast to help make the blockchain more accessible to everyone. I am convinced that cryptocurrencies will change the future very soon.
All articles by Maximilian Prue.

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