Blockchain Creeping into Real Estate Market Transactions

blockchain

Real estate and cryptocurrencies are “dating”. Yup, the real estate world is getting involved with blockchain and more specifically bitcoin. Oh there have been some minor real estate transactions completed with bitcoin, BUT a partnership in Dubai is selling $330M worth of luxury apartments in exchange for bitcoins. London and Swiss property managers are accepting rent in bitcoins. Looks like a whole new sector (RE) is climbing on the crypto express. But remember, Real Estate, Bitcoin is hot and flashy, so NOTHING till the third date.
(Bill Taylor/CEO)

“Blockchain, including digital tokens, are revolutionizing many aspects of the real estate market.

It was only a matter of time before two industries that have seen similar booms in many regions, would come together. Although the real estate industry is traditionally slow to adopt emerging technologies, it seems that even this sector can’t resist the hypnotic pull from Blockchain and the wider cryptocurrency market.

Dmitry Faller, CEO of Primalbase, a shared office space Blockchain platform, tends to agree: “Real Estate is a conservative and a traditional industry, and thus it is ready for disruption, and Blockchain needs real use-cases that are not just based on speculation.”

Buying and selling

A couple of weeks ago it was revealed that a partnership between The Knox Group, BitPay and a British baroness will offer up luxury Dubai apartments in exchange for Bitcoins in a deal worth $330 mln.

Small-scale Bitcoin-for-property transactions have been done before. A London property company is offering to accept down payments in Bitcoin, and a Miami based investor has been looking to sell his $6.5 mln mansion for Bitcoin, but not of this magnitude.

And just yesterday the first house purchase in Bitcoin was reported in Texas.

All this means that mainstream developers have a high level of confidence in the disruptive potential of the technology.

Julian Svirsky, CEO of ATLANT: “We foresee unprecedented opportunities for disruption in the global real estate and lodging markets that will allow investors, lodging guests and property owners to benefit in many ways, providing cost-savings and convenience, compared to the currently inefficient and expensive options.”

Full Story at Cointelegraph