Historic Moment for Real Estate as House is Sold for 3 Bitcoins in Portugal

[Davidvictorson]

House in Portugal sold for 3 Bitcoins in a historic crypto-only sale

It was reported on May 5 that a property in Braga, Portugal was sold exclusively on the basis of Bitcoin (BTC), with no conversion into euros taking place. With this deal, the real estate business will have seen a first of its sort.

The T3 apartment in Portugal was acquired for three Bitcoins, which is equivalent to around 110 thousand euros. Witnesses to the signing of the deed for the apartment house were representatives from the real estate business Zome, the legal firm Antas da Cunha Ecija, the Chairman of Notaries, and other partners from Crypto Valley Switzerland.

This is the first time a house is sold in digital asset directly without any conversion to euros. I can't wait to see this replicated in other parts of the world. I sent the link to my friend who is a realtor and asked her if their organization has ever considered selling properties in bitcoin only, she said it's in the pipeline and but it will take a lot of time to achieve. I hope this is proof enough for them to make their decision promptly. I will update this thread when I get more information from my friend.

[Oluwa-btc]

With the rapid depreciation of fiat currency, every wise investor will want to use Bitcoin as he/her own bank,as they (Bitcoin) are better options in this times (inflation).
Bitcoin is the best option for storing and preserving value over time, that's such a huge sum of racks and wouldn't want to see em loose it's value over night.
Surely,it's a good gesture from you too update/school your pal about such a big big deal with Bitcoin. A restaurant also in Singapore accepting Bitcoin despite the countries warnings, we should do our possible best to enlighten and advocate while waiting as we watch every country accepting Bitcoin. #BTC

[Darker45]

With the rapid depreciation of fiat currency...

With the rapid depreciation of Bitcoin, surely the seller must have acquired paper loss since the property was sold days ago. While the purchase was done in Bitcoin, it was surely valued according to Bitcoin's price in fiat. With that, there must have been a good amount value lost, at least in paper.

Bitcoin has already lost more than 20% of its price value in the last 7 days alone. There might be more to come. I hope the seller is already familiar with how Bitcoin's price moves or will develop diamond hands out of this baptism with fire.

[Oluwa-btc]

With the rapid depreciation of fiat currency...

With the rapid depreciation of Bitcoin, surely the seller must have acquired paper loss since the property was sold days ago. While the purchase was done in Bitcoin, it was surely valued according to Bitcoin's price in fiat. With that, there must have been a good amount value lost, at least in paper.

Bitcoin has already lost more than 20% of its price value in the last 7 days alone. There might be more to come. I hope the seller is already familiar with how Bitcoin's price moves or will develop diamond hands out of this baptism with fire.

I think the buyers are not after short term profit, as it seems they don't care about the loss they are optimistic.
Sure thing is that Bitcoin will sure gain its Value. They should have known better of how the market is before making such moves.
This should even be the best time to get such, a big profit they'll when Bitcoin price increases ain't it ? I think they did them own research!

[batang_bitcoin]

It's better for their company not to accept any recommendations yet. It should come from them that they're willing to accept bitcoin and not just rely on some news like this.
I know that it is ideal and we're all bitcoin enthusiasts here but to have it risk for their company's status and finances, they have to think of it very well before they do such actions.

[Mauser]

Great news from Portugal. I love that country, great food and very friendly people live there. Maybe all the big crypto investors will buy a home now in Portugal  if I had the pocket money I would buy a vacation home there. Also the price of 3 bitcoins seems quite reasonable. I have a Portugese friend who bought an apartment last year for 120k euros which was really old so he had to completely refurbish it. What he told me is that financing is a bit of an issue in the Portugese market right now. Banks are taking very conservative appraisals of properties which results in much smaller loans that will be granted for the purchase. Buyers who can pay the full sum at once are very attractive for the sellers. And with the rising number of crypto investors it makes sense to use bitcoins as a means of purchase.

[Pomogator]

Most likely, the seller wanted to invest in bitcoin and thus found a very good option on how to do it. It’s a pity for this seller, because now bitcoin has fallen to $30k, it turns out that he sold his house at a very low price. Just a few days and everything would be fine. This volatility is why I don't like bitcoin.

[davis196]

I wouldn't call this a "historical moment".There's nothing historical about it.
Some house sellers might want to sell their real estate properties in exchange of Bitcoins,but that doesn't mean mass BTC adoption.Those "Bitcoin-friendly" house sellers will remain an insignificant minority in the next years.
Perhaps the guy,who sold his house for BTC has made the deal of his life,especially if he HODLs those 3 Bitcoins in the long term and the BTC price hits 70-100K USD after a year or two.

[Mometaskers]

I'm interested whether they negotiated the price in btc or they based it on the current fiat value of the house. Regardless, that company Zome that sold off the house is looking at the long-term and likely decided they are willing to hold on to some btc.

For an individual houseowner to do is would be pretty gutsy so I think it's natural that it's institutions that make these sort of deals for now.

[avikz]

Both fiat and crypto market is depreciating. At this moment, Golg and real estate are two markets which can support your current capital from falling in value. So it's wise for the buyer. But I am not sure about the seller because he might be already seeing a huge loss from the price point he used to sell the house.

That's the volatility and that is a big big roadblock for crypto to become a favorite currency by merchats around the world.

[Moneyprism]

we know that the price of BTC in recent times has decreased significantly ... how do the developers deal with this? do they plan to hold BTC for a long time and then sell it later?

[AmoreJaz]

Both fiat and crypto market is depreciating. At this moment, Golg and real estate are two markets which can support your current capital from falling in value. So it's wise for the buyer. But I am not sure about the seller because he might be already seeing a huge loss from the price point he used to sell the house.

That's the volatility and that is a big big roadblock for crypto to become a favorite currency by merchats around the world.

for sure the seller won't sell his btc here as he will be at a big loss. he knows the risks when he entered in this contract, so more then likely, he knows what to do in this situation. this kind of seller has long-term plans when it comes to btc.

in the coming years, we maybe seeing more and more people transacting crypto directly. remember, volatility is one feature of crypto why most users are attracted to this market. now, it is up to them how they will use it to their advantage.

[Hydrogen]

Some have said real estate is a good inflation protected asset to invest in:

How To Profit From MASSIVE Inflation
https://www.youtube.com/watch?v=MPQ0pttjinI



Property taxes in the united states are being hiked which makes this difficult:

Homeowners Experience Largest Property Tax Hike in Four Years

“Homeowners across the United States in 2020 got hit with the largest average property tax hike in the last four years, a sign that the cost of running local governments and public school systems rose well past the rate of inflation. The increase was twice what it was in 2019,” said Todd Teta, Chief Product Officer for ATTOM Data Solutions. “Fortunately for recent homebuyers, they have mortgages with super-low interest rates that somewhat contain the cost of homeownership. But the latest tax numbers speak loud and clear about the continuing pressure on both recent and longtime homeowners to support the rising cost of public services.”

https://dsnews.com/news/04-08-2021/homeowners-experience-largest-property-tax-hike-in-four-years

Buying real estate in portugal and abroad should help to avoid property tax hikes.

[Renampun]

...
This is the first time a house is sold in digital asset directly without any conversion to euros. I can't wait to see this replicated in other parts of the world. I sent the link to my friend who is a realtor and asked her if their organization has ever considered selling properties in bitcoin only, she said it's in the pipeline and but it will take a lot of time to achieve. I hope this is proof enough for them to make their decision promptly. I will update this thread when I get more information from my friend.

this is my first time seeing a house bought with bitcoin (there must be many others)...

in my local thread someone tried to sell their house with bitcoin but i don't really follow the news and don't know if it has been sold or not. In the future, I believe that buying houses and even selling houses with bitcoin transactions will continue to increase because the amount that can be transferred can be very large and easy, unlike fiat which requires the role of third parties such as banks.

[Despairo]

This is the first time a house is sold in digital asset directly without any conversion to euros.

Lol
First Bitcoin Real Estate Purchase Recorded in Texas this is first and didn't need any conversion to fiat, entirely paid with Bitcoin, this purchase already done on 2017. Now it's already 2022 and you're claiming to be first real estate purchase with Bitcoin, it's the first time on Portugal!

According to the article, 3 BTC at that time worth for 110,000€ it's cheap since the house's price on Portugal start from 70,000€ - 1,900,000€ [1] though there's no details of the house did he bought, but it's really worth to buy with just 3 BTC since real estate on Portugal is consider as expensive.

[1] https://www.idealista.pt/en/comprar-casas/braga/braga/braga/

[m2017]

House in Portugal sold for 3 Bitcoins in a historic crypto-only sale

It was reported on May 5 that a property in Braga, Portugal was sold exclusively on the basis of Bitcoin (BTC), with no conversion into euros taking place. With this deal, the real estate business will have seen a first of its sort.

The T3 apartment in Portugal was acquired for three Bitcoins, which is equivalent to around 110 thousand euros. Witnesses to the signing of the deed for the apartment house were representatives from the real estate business Zome, the legal firm Antas da Cunha Ecija, the Chairman of Notaries, and other partners from Crypto Valley Switzerland.

This is the first time a house is sold in digital asset directly without any conversion to euros. I can't wait to see this replicated in other parts of the world. I sent the link to my friend who is a realtor and asked her if their organization has ever considered selling properties in bitcoin only, she said it's in the pipeline and but it will take a lot of time to achieve. I hope this is proof enough for them to make their decision promptly. I will update this thread when I get more information from my friend.

But this is really great news compared to the uncertainty and promises from UAE airlines -
https://bitcointalk.org/index.php?topic=5398471.

This is not the1st time that a property has been bought for bitcoin, but in all past cases it happened through the conversion of BTC to $ and the sellers received dollars. But the event that took place in Portugal is undoubtedly unique. This time, the seller received exactly Bitcoin as payment, which indicates a high level of confidence in this financial instrument. This is the perfect visual illustration for all the haters who claim that nothing can be bought for BTC. Here, look, the day has already come when expensive real estate is bought for Bitcoin, and this is just the beginning.

Yes, crypto market crashed, but that's just the price of BTC, which will recover over time. But I want to draw attention to something else, that confidence in bitcoin is increasing every day and with every similar event, like the purchase of real estate from the news in this thread.

[D ltr]

By looking at the current bitcoin price at 30k$, it's a natural thing if 1 real estate house costs 3 btc, but the value of btc in one country is different, isn't it?
if you set a price of usdt, one thing that is usually done is buying a house at that price.

[stepwilli]

The person that uses his btc to acquire the house must be extra happier knowing that the btc value have plunged more few days later while the seller of the house and the new owner of 3 bitcoins might be a little sad right now as btc still continues to decline but he shouldn't worry that much as long as he is willing to hodl his btc for long a time coz the price can surely recover in the future.

I know that I was right that the op was wrong because this wasn't the first time a property has been traded for btc's but there are many similar cases like this on the past and there are some that cost more than this. We can expect more of this since btc is now in the mainstream.

[Naficopa]

The person that uses his btc to acquire the house must be extra happier knowing that the btc value have plunged more few days later while the seller of the house and the new owner of 3 bitcoins might be a little sad right now as btc still continues to decline but he shouldn't worry that much as long as he is willing to hodl his btc for long a time coz the price can surely recover in the future.

I know that I was right that the op was wrong because this wasn't the first time a property has been traded for btc's but there are many similar cases like this on the past and there are some that cost more than this. We can expect more of this since btc is now in the mainstream.

That is called a real smart deal. The guy must have a very clever and sharp mind.
I got to know about importance of bitcoins very late - and when I realised it was hard and out of my range. But the investment people did in bitcoins years ago is now paying off. I don't know what I was so silly not to give bitcoin a needed  importance.

[romero121]

Long back itself similar incidents have taken place buying house with bitcoin. This is the first time the house is being priced in terms of bitcoin. Earlier the price of the property was in terms of USD and the similar value is transacted in terms of bitcoin. In the incident that I've mentioned, the buyer profited around $1.3 million on the purchase. The property was valued $4 million and by the time of contract price was around $750 and when the payment is being done the price grew to $1000. This made him buy the property 25% cheaper than the actual price.

Man buys house with Bitcoin, lucks into a $1.3M profit

[og kush420]

Long back itself similar incidents have taken place buying house with bitcoin. This is the first time the house is being priced in terms of bitcoin. Earlier the price of the property was in terms of USD and the similar value is transacted in terms of bitcoin. In the incident that I've mentioned, the buyer profited around $1.3 million on the purchase. The property was valued $4 million and by the time of contract price was around $750 and when the payment is being done the price grew to $1000. This made him buy the property 25% cheaper than the actual price.

Man buys house with Bitcoin, lucks into a $1.3M profit

Some good investor who can practice patience can get good profit at the end. The above mentioned is a good example.
I am so unlucky - everytime I start some work it is never successful and look at people buying houses. Congrats~!