Buying a house with 100% Bitcoin is possible in Portugal

[joker_josue]

At the beginning of this month (May 2022), a house was sold in Portugal, in which it was fully paid for with Bitcoin. This was made possible, thanks to a new decree of law that allows crypto exchanges for houses. The house cost 3BTC at the time and it was all done legally.

You can find out more in these news:
EN: https://finbold.com/house-in-portugal-sold-for-3-bitcoins-in-a-historic-first-ever-direct-sale/
PT: https://www.idealista.pt/news/imobiliario/habitacao/2022/05/06/52164-casa-em-braga-e-comprada-por-3-bitcoins-e-a-1a-transacao-100-cripto


But the highlight now goes to the platform created by the real estate company responsible for this sale, where it lists all the properties that can be acquired with Bitcoin.

Cryptohouses

In addition to presenting a series of properties available to buy with Bitcoin, the company still gives full legal support so that everything is done according to the law.


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NOTE: I have no connection to this property, I'm just sharing the information. I'm from Portugal and I can give you a few more details.

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[hugeblack]

I used to think that once the parties agree to buy or sell homes with bitcoin, the transaction can take place and you don't need to have a special law allowing that? In other words, if a buyer and I agree to pay in Bitcoin, do we need to check the law before registering the contract?

Overall, although it is a rare case, the growth in the use of Bitcoin is on the rise and soon we will hear more similar stories.
The funny side is that the user has sold Bitcoin before the last crash.

[joker_josue]

I used to think that once the parties agree to buy or sell homes with bitcoin, the transaction can take place and you don't need to have a special law allowing that? In other words, if a buyer and I agree to pay in Bitcoin, do we need to check the law before registering the contract?

There may even be the possibility of making a specific contract for this.
But, making a deed regarding the purchase/sale of a house, you must follow the laws of each country for this type of property.
That is, although before you could make a specific contract for this type of situation, now in Portugal you can make this type of purchase according to the normal rules for buying a house.

[uneng]

It looks like Portugal is standing out in bitcoin adoption and usage as currency, congratulations. As I see, there is a decent number of offers disponible at the real estate website displaying properties for sale.

For me the prices looked a bit salty. I thought houses in Portugal were cheaper, or maybe is it more expensive on this site because they are dealing with bitcoin?

There may even be the possibility of making a specific contract for this.
But, making a deed regarding the purchase/sale of a house, you must follow the laws of each country for this type of property.
That is, although before you could make a specific contract for this type of situation, now in Portugal you can make this type of purchase according to the normal rules for buying a house.

Does it mean besides the costs in bitcoin for the property, the buyer has to pay extra costs for the deed of sale and registering the property (taxes to the government), right?

[PaulBf1]

I  never understood how bitcoin can be used in large scale buyings like these.the coin itself is not stable and highly volatile and although this may be fun and all in a bull market but in the bear case as we stand today that BTC you recieved can lose 1/2% of its value in a day.For 3btc + transactions this is alot of money and an unessecary risk taken by the sellr.

I don't think btc was supposed to be used like there,not unless it got severly regulated or backed more.

[uneng]

I  never understood how bitcoin can be used in large scale buyings like these.the coin itself is not stable and highly volatile and although this may be fun and all in a bull market but in the bear case as we stand today that BTC you recieved can lose 1/2% of its value in a day.For 3btc + transactions this is alot of money and an unessecary risk taken by the sellr.

I don't think btc was supposed to be used like there,not unless it got severly regulated or backed more.

By looking the website few times I observed the values of the properties fluctuate a lot. I guess there is a fixed value in fiat for each offer and the site is configurated to follow bitcoin market's quotation in real time. The more expensive bitcoin gets, the less you pay for the house/land and the cheaper bitcoin gets, the more you pay. But even in this case, when the market is heavily volatile it can be annoying to close a deal...

One of the properties, for example, was pricing 130BTC, and after few minutes when I checked again it was 129.7BTC.

[joker_josue]

For me the prices looked a bit salty. I thought houses in Portugal were cheaper, or maybe is it more expensive on this site because they are dealing with bitcoin?

Does it mean besides the costs in bitcoin for the property, the buyer has to pay extra costs for the deed of sale and registering the property (taxes to the government), right?

The price of houses in Portugal is very high, unfortunately. For example, a house in Lisbon (the capital) hardly sells below $400k.
And although the person buys the house in Bitcoin, he will have to pay the deed and the respective taxes in fiat.

I  never understood how bitcoin can be used in large scale buyings like these.the coin itself is not stable and highly volatile and although this may be fun and all in a bull market but in the bear case as we stand today that BTC you recieved can lose 1/2% of its value in a day.For 3btc + transactions this is alot of money and an unessecary risk taken by the sellr.

I don't think btc was supposed to be used like there,not unless it got severly regulated or backed more.

This is very subjective. You say it's a risk for the seller, but the same goes for the buyer.
Now that the price is down, it was a risk for the seller. But when the price goes up again, it's already a risk for the buyer.

Then it all depends on how much Bitcoin you have. For those who have hundreds of Bitcoin saved, maybe it pays to make this type of purchase, rather than converting into fiat and paying capital gains (in Portugal you don't pay).

One of the properties, for example, was pricing 130BTC, and after few minutes when I checked again it was 129.7BTC.

In turn, the price is fixed in the act of deed. That is, the exchange rate of the day is the amount paid for the house.

[arwin100]

I  never understood how bitcoin can be used in large scale buyings like these.the coin itself is not stable and highly volatile and although this may be fun and all in a bull market but in the bear case as we stand today that BTC you recieved can lose 1/2% of its value in a day.For 3btc + transactions this is alot of money and an unessecary risk taken by the sellr.

I don't think btc was supposed to be used like there,not unless it got severly regulated or backed more.

By looking the website few times I observed the values of the properties fluctuate a lot. I guess there is a fixed value in fiat for each offer and the site is configurated to follow bitcoin market's quotation in real time. The more expensive bitcoin gets, the less you pay for the house/land and the cheaper bitcoin gets, the more you pay. But even in this case, when the market is heavily volatile it can be annoying to close a deal...

One of the properties, for example, was pricing 130BTC, and after few minutes when I checked again it was 129.7BTC.

That's really annoying to see those changes because if there's a huge volume involve for sure every movement of the market hurts especially when your receive amount is still pending and the price of bitcoins keep falling so for sure the receiver of that amount will get disappointed  for what they encounter. But lets just see if there's something good deals with this since for sure the buyer or seller compensate and consider the volatility when making a deal.

[joker_josue]

That's really annoying to see those changes because if there's a huge volume involve for sure every movement of the market hurts especially when your receive amount is still pending and the price of bitcoins keep falling so for sure the receiver of that amount will get disappointed  for what they encounter. But lets just see if there's something good deals with this since for sure the buyer or seller compensate and consider the volatility when making a deal.

But when the seller accepts to sell with Bitcoin, it makes no sense to be thinking about converting into fiat right away. It makes no sense.
And we come back to the same. The risk is for both sides, the price can go up or down, so it becomes risky again for the buyer/seller.

[Welsh]

I used to think that once the parties agree to buy or sell homes with bitcoin, the transaction can take place and you don't need to have a special law allowing that? In other words, if a buyer and I agree to pay in Bitcoin, do we need to check the law before registering the contract?

Depends, for example in the UK there's something called a stamp duty, which is basically a tax on a house purchase over a certain threshold, so if you did go above that threshold, then yeah you would need to pay the tax on that.

Other countries might have different things too, plus you're going to need solicitors to sign off all the paperwork to be above board. Anyway, it's always best to make sure you're ticking every box you can when it comes to big purchases. So, consulting with legal representatives is always recommended.

[gazilla]

I do not see any problems purchasing with Bitcoin, however what  I see as a problem is getting Bitcoin as it is very expensive for regular people. I think if someone has Bitcoin he should hold it for at least 10 years.

[joker_josue]

I do not see any problems purchasing with Bitcoin, however what  I see as a problem is getting Bitcoin as it is very expensive for regular people. I think if someone has Bitcoin he should hold it for at least 10 years.

You cannot forget who mines Bitcoin, or who entered the Bitcoin universe 10 years ago. Not to mention the miners.
Believe me, there are a lot of good people, who have a good ten (not to say hundreds) of Bitcoin saved.

[99Percent]

bitcoin has now become a legal tender in several countries after EL-salvador because bitcoin is now one of the right choices to avoid taxes and other fees for buying land Houses and goods that are good for investment I'm sure later all countries will probably can accept Bitcoin presence

[sheenshane]

bitcoin has now become a legal tender in several countries after EL-salvador because bitcoin is now one of the right choices to avoid taxes and other fees for buying land Houses and goods that are good for investment I'm sure later all countries will probably can accept Bitcoin presence

This is the reason why there are more countries has been undecided until now when it comes to Bitcoin legalization.  Because possible people can invade to pay tax which we know is the only way our government system way of surviving, it's through tax.

Back to the OP's topic.
If Bitcoin isn't completely illegal in your country you can use your Bitcoin to purchase houses, cars, or any assets that you want.
Not only in Portugal, but even in my place I saw there's a house and lot for sale in 4 Bitcoin.  But I think as a buyer, you should contact a lawyer and ask advice for on this matter first to know further if you aren't violating the law.

[YOSHIE]

NOTE: I have no connection to this property, I'm just sharing the information. I'm from Portugal and I can give you a few more details.

Common thing, the transaction of selling or buying a house is paid for with bitcoin, in singapore the same thing has happened as in portugal, actually more or less like this I mean a transaction if the first party and the second party agree to pay with Bitcoin, even though it's not legal from the government, I think it's fine, as long as both parties are ok.

However, if the house buying/selling system is legally implemented by the local government, it might be extraordinary, I'd be more than happy to see that 70% of properties can be paid for in Bitcoin.

[joker_josue]

However, if the house buying/selling system is legally implemented by the local government, it might be extraordinary, I'd be more than happy to see that 70% of properties can be paid for in Bitcoin.

The point is the same. In Portugal, the regulations for the purchase and sale of real estate contemplate the possibility of using Bitcoin directly, without conversion.

[noorman0]

I  never understood how bitcoin can be used in large scale buyings like these.the coin itself is not stable and highly volatile and although this may be fun and all in a bull market but in the bear case as we stand today that BTC you recieved can lose 1/2% of its value in a day.For 3btc + transactions this is alot of money and an unessecary risk taken by the sellr.

I don't think btc was supposed to be used like there,not unless it got severly regulated or backed more.

Property values can fluctuate more than bitcoin, depending on how interested buyers are in seeing them. Maybe you will get a very different offer price between 2 buyers at the same time.
Because real estate investing isn't just about value growth in the next few days, but months or years like bitcoin. So, price slippage should be tolerable.

[slaman29]

You know, I like to read these kinds of stuff but seriously, it's not such a big deal.

I could sell a car here for Bitcoin if I wanted to, just need to convince someone, or even just get a Localbitcoin guy to act as escrow, it's no problem. That's probably what the agent in Portugal does anyway, have an escrow for the BTC and then probably ends up selling it for fiat anyway right?

I mean, it's just publicity, still, good to know.

[aoluain]

It looks like Portugal is standing out in bitcoin adoption and usage as currency, congratulations. As I see, there is a decent number of offers disponible at the real estate website displaying properties for sale.

Portugal has been Bitcoin friendly for a while now. For residents they dont collect
capital gains tax on Bitcoin transactions either.

I  never understood how bitcoin can be used in large scale buyings like these.the coin itself is not stable and highly volatile and although this may be fun and all in a bull market but in the bear case as we stand today that BTC you recieved can lose 1/2% of its value in a day.For 3btc + transactions this is alot of money and an unessecary risk taken by the sellr.

I don't think btc was supposed to be used like there,not unless it got severly regulated or backed more.

Bitcoin amounts dont fluctuate, its the FIAT value which fluctuates. Everyone knows
Bitcoin is going one way but you have to look to the future.

If the buyer is happy to spend Bitcoin in a bear market the seller should be prepared to
HODL until the bull market.

[mm2543363580]

If the buyer is happy to spend Bitcoin in a bear market the seller should be prepared to
HODL until the bull market.

Portugal is rich country - people are educated and streets are clean. So there are educated people, the one how sold the coin would have invested in them long ago.
What a great planner he is to have done saving - and purchased his house. Has the government legalised the bitcoin in the country.