Bitcoin And Real Estate
By Bilal Jafar on ALTCOIN MAGAZINE
Real Estate has always been one of the most popular investment tools for investors around the world. Despite many property bubbles in the past, the real estate market is still getting billions of dollars in investment every year.
The traditional way of buying a property requires a lot of time, including issues like high transaction fees and complex interactions. The bank is the primary way for doing all the transactions in the real estate world and it requires a certain percentage of fees and days to complete the transaction. The question is that, can’t we have a simple way to reduce cost and time? The good news is that, Yes! We do have a solution, it’s called “Bitcoin.”
Bitcoin can help buyers and sellers in cost and time reduction. The largest cryptocurrency in the world has started getting recognition from leading developers and property firms around the world.
In the past few years, Bitcoin has emerged as one of the most preferred payment methods in the real estate world. Recently, Grove Resorts and Water Parks in Orlando, Florida announced that they will now accept Bitcoin for purchases of their 878 resort-style residences. Bitpay, one of the world’s largest bitcoin processing companies said that they have processed more than $5 million in real estate transactions in the first half of 2019. The average price of the home purchased through the exchange in bitcoin is around $1 million.
The United States is not the only market where real estate companies are accepting bitcoin. Northern Ireland based house-builder, Hagan Homes started accepting Bitcoin as a payment method back in February 2018. Managing director Jamesy Hagan said:
“Bitcoin is an innovative new payment method and essentially a new kind of money. It is very similar to a cash transaction. There has been a significant growth in the use of Bitcoin worldwide and our acceptance of this new channel reflects our willingness to respond to the market”
An Aussie engineer living in Darwin, Australia sold his apartment for AU$600,000 earlier this year. Property deals through bitcoin are surging in Australia, as a local real estate agency Gray White recently sold a house worth AU$799,000 through bitcoin.
Property deals through Bitcoin is a win-win situation for both parties. For the buyers, it’s a great tool for portfolio diversification. For the sellers, it’s an opportunity to take advantage of a growing market.
