16% of Spaniards have cryptocurrenciesHowever, one percent increased by four points within the last year Significant crisis in this marketdoes not serve to make our country among the leaders in the adoption of this type of digital currency. However, Spain clearly tops the list of states in the world where more homes can be purchased. bitcoin anyone altcoins such as Ethereum, Litecoin, Ripple and Tether among others.
This is revealed by a recent report by the company. Forex AdviceThere are 289 properties in Spain that can be purchased with cryptocurrencies. Top 3 in the world completes Thailandwith 227 and Portugalwith only 130, although the legislation in our neighboring country is much more favorable for the cryptographic industry.
So what is the reason for this Spanish hegemony in real estate and cryptocurrency? I just know where is concentrated To find the answer, the vast majority of properties that can be purchased with bitcoin are: Valencian Communityespecially the province of Alicante; Andalusia is Malaga’s largest base; and Catalonia, with Barcelona ahead.
three of them resorts The most popular and favorite places in all of Europe second house by foreigners who are much more immersed in the cryptocurrency culture and used to trading with them.
real estate token
To this we must add that in the current economic scenario: inflationReal estate investment in Spain stands out as a safe value to protect capital. However, the catalog of houses priced in crypto is dominated by luxury villas and mansions that are outrageously expensive for ordinary pockets: their average cost is about 75 bitcoins (that is, almost two million euros at the current exchange rate).
To democratize access to real estate investment, tokenization of homes is becoming popular, an “emerging market”, this newspaper reassured. Carla CastelloHead of operations of Reental.co, the company that broke a milestone by selling the first house with this system in Spain in February 2021.
What does this consist of? new form of investment? The company buys the property in euros and digitizes it so that each token represents a fraction of its value, all of which are duly recorded with blockchain technology. “This way, anyone can create and diversify their own real estate fund, as the minimum investment is 100 euros,” says the director of the firm, which has tokenized more than five million euros in just two years.
when someone is thrown designated residence, the participating loan offer usually runs out within a few hours, sometimes even minutes. «By purchasing a token, the investor gets a portion of the economic rights that property generates. If you have 10%, you get the same percentage of revenue”, whether for rent or for sale, explains Castelló, noting that “returns are not guaranteed”, although all projects are approved. National Exchange Commission (CNMV).
This innovative alternative to traditional finance is “a more flexibility and control to the user,” adds the expert. And if an investor wants to leave their tokens, they can do so by selling them to a third party or exchanging them for a stablecoin in a liquidity pool.
forced conversion
The question everyone asks when they hear about buy a house with cryptocurrency This is how the price is determined, given the well-known volatility of these assets, whose value can change sharply in a matter of minutes. The main thing is to determine the day when the operation will take place.
have agreement between two parties Relevant and law-abiding, when the buyer deposits the agreed amount from his electronic wallet in crypto to an exchange platform, the relevant transactions are related to money laundering and Know Your Customer (confirms the identity of their customers in accordance with the companies’ current legislation), and then the seller receives the payment in euros. As with any other financial transaction, an account must be filed with the Tax Office.
As a result of the lack of specific regulations, and given the higher enforceable taxation this will entail, what is up for debate is whether acquiring a home with crypto is necessary. considered an exchange and not as a sale, because there is an exchange of value between cryptocurrencies and fiat money.
Jesus RosGeneral secretary of the Association of Real Estate Developers of the State of Alicante (Provia), points out that since the deed to the house must always be carried out “at a certain price” and in a central currency, the switch from crypto to euro or dollar must be done “immediately”.
In his opinion, where is this type of real estate transaction? bitcoin is instrumentalized as a payment methodIt’s more of an “advertising technique” than a common practice, with no coworkers admitting that they exist but in their group accepting them. He calculates that 2-3 of the 40 thousand surgeries performed in our city every year are done like this.
However, Rose blockchain technologyFacilitating faster, safer global cross-border payments with no additional commissions could make such operations “easier” in Spain, where we “go over regulation”.
Among the real estate offices that offer this option in our country; Spain Houseswith two national offices in Orihuela Costa and Benalmádena, and Crypto Real Estateis leading this international market working with different partners responsible for advising on the field to interested parties in each region.
First National Congress
Alicante on April 21 to address this whole complex issue in detail. First National Congress on Blockchain Technology in the Real Estate IndustryAn appointment for agencies, construction companies, promoters, legal and tax advisors, and crypto mutual funds.
Debbie’s LoverThe CEO of Alicante Properties and one of the confirmed guests assures that there is a huge demand from foreign investors looking to buy properties with cryptocurrencies in Spain, especially in Alicante, Malaga and Madrid, but “Not Enough Houses”. “We try to get them to let us work that way,” he adds.
A notary public will be among the 23 speakers at the congress, which is confirmed to be attended by a Qatari investment fund representative. Cesar BeldaThe founder of Noken Digital Assets in Valencia will shed some more light on the notarial process for buying and selling properties with cryptocurrencies, subject to many doubts and legal advantages.
As is often the case, society is ahead of the law and investors are increasingly transactions with cryptoIn the case of Spain, not all opportunities in the real estate sector have yet been exploited.
Portuguese example
Last April, a new regulatory framework was created by the socialist government. Antonio Costa It allowed Portugal to stage the first European trading of a house with bitcoin, without the need to convert it to a central bank-backed currency.
From then until the end of the year, another dozen of these operations, classified for legal purposes, were signed in our neighboring country. barter agreements. However, seven titles that did not comply with Portuguese regulations were also eliminated, requiring the clarification of the source of the money from which the cryptocurrency was purchased, the address of the electronic wallet and the identity of all parties.
Bitcoin houses b yes, but not with bleach.