A recent study shows that Spain is one of the hottest countries in terms of real estate offerings that can be paid for with cryptocurrency, according to a report produced by Forex Suggest and Spain is the country with the most real estate available in cryptocurrency, followed by Thailand, Portugal, and the UAE.
Spain ranks #1 among countries with properties sold for crypto
A recentstudyconducted by Forex Suggest, examining which countries are selling the most properties for cryptocurrency, found that Spain is the hottest destination for real estate crypto investors. The study, which aggregated properties available on specialized crypto real estate portals, found that 289 properties in Spain alone are available for purchase in crypto.
The properties offered were described as being more in the cities of Alicante and Marbella, with more urban properties in Barcelona.
These numbers put the country at the forefront of all other countries by a significant number. Second place behind Spain is Thailand, with 227 properties available, and Portugal, a popular cryptocurrency haven, is in third place with 130 properties.
The country with the highest prices for properties available in crypto is Canada, with an average price of nearly 250 bitcoins per property, while properties in the Philippines are the cheapest in the world, with an average price of just over 15 bitcoins. El Salvador, which uses bitcoin as legal tender, is in the middle, with an average price of close to 40 bitcoins per property.
Real Estate and Crypto
This document evaluates the potential benefits and problems that the transfer of real estate using crypto can bring to both the owner and the buyer. The most important benefit is the avoidance of the associated costs of fiat transfers and payments, especially if the real estate involved is located abroad.
Some of the issues mentioned in the report include the fact that few mortgage lenders will accept cryptocurrency as a deposit and that countries such as the UK currently have a strict regulatory framework that may bring additional paperwork to the process.
The acceptance of crypto in real estate payments is steadily growing, with several platforms opening their doors to display prices in crypto over the last year; in August 2021, one of the first reported real estate transactions paid in crypto occurred in Venezuela, where a TetherAn apartment was sold using USDT. Similarly, sales in Chile and Colombia were reported to have been settled in Bitcoin last year.
Image Credit:: Shutterstock, Pixabay, Wiki Commons