Portugal allows Bitcoin for real estate purchases
Portugal recently relaxed its cryptocurrency laws and now promotes payments with tokens in all sorts of circumstances – including real estate purchases, according to a Cryptopolitan report Sunday, May 8.
Recently, a buyer completed the purchase of a two-bedroom apartment in Braga for 3 bitcoins (approximately $116,000), according to the report, and this is not the first time such a transaction has been made using a digital currency. Bitcoin is regularly used in real estate transactions in the United States, Singapore, Colombia and, of course, Portugal, according to the report.
Real estate broker Zome was involved in the purchase of the Braga apartment with advocacy group ACE, according to the report.
“The evolution of the crypto industry has accelerated in Europe after top regulators have admitted that cryptocurrencies are the future,” according to the report. “Portugal is one of the most recent countries to adopt crypto-trading, and the real estate sector is benefiting from it.
“The apartment sold with Bitcoin in Braga is just the start of a wave of crypto adoption in Portugal. Previously, decentralized currencies could not be exchanged because national laws prevented this transaction. However, all the environment has changed, allowing the Portuguese to invest, store and transfer Bitcoin,” the report states.
Bitcoin tokens are valued at around $32,500 these days, their lowest value since July 2021. Zome is also open to including dogecoin and other crypto tokens in future real estate offerings, according to the report.
Related: Jamestown accepts cryptocurrency for rent payment through BitPay partnership
Last month, investment and property management firm Jamestown partnered with cryptocurrency payments processor BitPay to accept crypto-based rent payments for its US properties with plans to expand into Europe. .
Jamestown will accept rent payments in multiple cryptocurrencies, including bitcoin, ethereum, dogecoin, litecoin, and five USD-pegged stablecoins, and the release says more types may be added later.
Jamestown oversees approximately 26 million square feet of real estate across the United States, including Ponce City Market in Atlanta, Georgia, Ballston Exchange in Arlington, Texas, and Levi’s Plaza in San Francisco, California.