In Portugal, luxury homes can now be bought with cryptocurrencies. The real estate market, in general, is no stranger to the twists and turns of the crypto world.
Blockchain in real estate
We cannot say that there is a real record of buying and selling a property through blockchain technology.
For some international newspapers and papers, the first case in history was in Texas in Austin, but also in Turin where a citizen of Beijing bought a house in 2018 paying in Bitcoin. A year earlier, however, it was the turn of Essex, UK.
What is certain is that the dynamics of buying and selling real estate in recent years have also left a wide margin for the crypto world.
And if the act of buying and selling is recorded using algorithms that regulate transactions, it is time to look at the reality and the real existence of a finance that is running parallel to the institutional one also in the real estate market.
Portugal, houses bought with cryptocurrencies
Portugal has recently realized the sale of two luxury homes on the island of Madeira.
Properties bought entirely in cryptocurrencies, for a value of 4 million euros. This is the first national experience for Portugal, which in fact joins the list of countries that are adhering to this different method of selling and buying.
Surely we are all witnessing a revolutionary historical moment where blockchain technology is entering all forms of trade and new concept of digital value.
Prometheus International makes it known that the two villas, under construction in the two areas of Saudade and Aurora Villas have been delivered and legally sold for Cardano’s cryptocurrency ADA.
Priyesh Patel, CEO of Prometheus, explained that the real estate company has developed new methods that allow the integration of the new digital market. The transaction was concluded in euros prior to registration.
This was done in order to comply with European laws.
Patel emphasised that, pending regulation by local governments, the real estate company’s legal team will continue to register the deeds according to current regulations. This is pending the adoption of blockchain technology as an alternative practice and for the simplification of transactions.
Prometheus is also pursuing a project that will touch many countries around the world. The aim is to give everyone the opportunity to buy, through the use of cryptocurrencies, dream homes in unique locations. The project will be called The Royal Blockhouse.
The project also includes the creation of NFTs dedicated to individual housing structures. The villas, built in the style of architects from around the world, will be active on the blockchain.
It will be possible to access all forms of maintenance and payment through this new technology. The tokens will also be used to represent a share of the property as part of the investment.
The Portuguese company has called its new real estate approach “Architecture For A Life Worth Living”. This innovative project involves the creation of a growing structure that is connected to the client, the future owner and the local regulations.
End product: luxury villas perfectly integrated with new technology and high management functionality.