Bitcoin and cryptocurrencies have shocked the whole world. All the industries that we can imagine have been reached by Bitcoin and other cryptocurrencies. The same has happened to the real estate market. According to Redfin real estate brokerage, 75 properties in Florida and California have been sold using Bitcoin.
The Real Estate Market Endorses Bitcoin
There are some sellers in Florida, more specifically in Miami, saying that they only accept Bitcoin in order to sell their million dollars’ apartment. Most of the buyers in Florida are wealthy investors from Latin American countries. At the same time, in Australia, a house outside Sydney, may be the first property to be sold for Bitcoin.
In New Zeeland, the situation is similar. A house near the seaside in Wellington, has been put to sell in Bitcoin Century 21 First Choice realty. The property has not been sold yet, but the Century 21 owner, Joseph Lupi, believes that it will be sold soon.
At UseTheBitcoin we wrote that it is possible to purchase houses with bitcoin. The state of Texas was the first to register a bitcoin transaction for a property.
“All of this seems driven by international investors that bypass inefficient home banking and currency controls, and by cryptocurrency lovers from the United States,” commented Charles Evans from Barry University to AFP. “Governments control the amount of money that residents are authorized to transfer abroad with the banking system. Bitcoin allows individuals to avoid these restrictions,” he added.
In the United States, the real estate market is more mature. Bitcoin payments are accepted in several places, something that around the world did not happen yet. For example, the webpage BitcoinForProperties has 18 properties on sale at the moment of writing this article. The prices range from 5 BTC up to 43 BTC for properties and starting as low as 0.4 BTC for vacant land or lots.
Real Estate companies face one important challenge: the volatility. Knowing this, when a buyer is ready to make the transaction, the enterprise reserves the property during a specific amount of time for a fixed Bitcoin rate.