Name Price24H (%)
Bitcoin (BTC)
$10,527.43
0.22%
Ethereum (ETH)
$343.39
-0.55%
XRP (XRP)
$0.233091
-0.47%
Litecoin (LTC)
$44.49
1.80%
Bitcoin Adoption: Turkish Real Estate Company Records Highes...
NEWS

Bitcoin Adoption: Turkish Real Estate Company Records Highest Sale Made With BTC

Antalya Homes, a leading real estate firm in Turkey, announced that the company made a record-breaking sale on one of its properties via Bitcoin payment.

Antalya Homes Receives Payment of $1.25 Million in Bitcoin

According to a press release on Monday (June 15, 2020), Antalya Homes witnessed an increase in real estate property purchases with Bitcoin. Since the start of the COVID-19 pandemic, the firm has had to resort to more innovative means to make property sales.

The Chairman Antalya Homes, Bayram Tekce, revealed that the real estate company made a record-breaking property sale of $1.25 million using Bitcoin. According to Tekce, the sale “was the highest valued property sales ever made by Bitcoin in Turkey.”

Tekce further said that the tour, meeting, and final negotiations of the property were conducted online. The Antalya Homes Chairman added:

“The Covid-19 pandemic is changing the whole life and way of doing business. It is important to keep up with the changing dynamics. Having the innovation as a corporate value, we continue to be the pioneer in the field of PropTech.”  

While the real estate company is adopting innovations and technologies to keep up with the times, this Turkish firm has been supporting the purchase of properties using bitcoin and other cryptocurrencies.

Asreported ,the company sold nine properties in 2018 and accepted crypto payments. Although the company majorly accepts BTC payment, some limited altcoins can also serve as payment for homes. They include Bitcoin Cash (BCH), Tether (USDT0, Ethereum (ETH), XRP, Bitcoin Gold (BTG), Litecoin (LTC), and Stellar (XLM).

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The Antalya Homes Chairman also attributes the rise in property purchases with Bitcoin to the recent third BTC halving. According to a statement by Tekce:

“With the effect of the increase in Bitcoin value after halving, investors made capitalization sales that are reflected as an increase in property sales.”

Using cryptocurrencies to acquire real estate is not a new concept; a number of thought leaders in the real estate sector have voiced their opinions on the advantages of using digital currencies for property purchases.

Barbara Corcoran, known for her role on the hit show Shark Tank, as well as the accolades she has garnered throughout her career leading to the moniker ‘the queen of New York real estate,’ has expressed her belief in the idea stating:

“It makes great common sense. I’m being very optimistic because, as a long-term play, it’s perfectly suited for real estate transactions. It’s peer-to-peer, with no central anything, and that’s why it’s so powerful. The main idea is to eliminate the middle guy.”

A number of real estate agencies have begun to warm up to the idea and have begun to incorporate digital currencies and other blockchain-based solutions, such as asset tokenization, in their offerings.

For example, Ruden Holdings, a Japanese real estate agency trialed the use of bitcoin and smart contracts to finalize sales. The company witnessed a significant drop in the time required to complete a sale when the blockchain technologies were utilized.

Crypto and Blockchain Technology Reshaping Real Estate Industry

Cryptocurrency and blockchain technology are seeing increased adoption in the real estate industry. Back in November 2019, a sophisticated beachfront development in The Bahamas stated it was accepting Bitcoin and other cryptocurrencies as payment.

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Early in 2020, Propy, a Silicon Valley real estate and title registry startup completed its blockchain registry program in Vermont, which will ensure cheaper and more secure real estate transactions. Also, LIFULL, a Tokyo-based housing, and real estate information firm partnered with Securitize, a digitals securities issuance company to establish a blockchain-based real estate crowdfunding platform.

That’s not all, smart contracts were used to automatically execute dividends and redemptions according to the number of security tokens owned by participants, and there was total transparency in the entire operation as investors could easily track the flow of funds via the Ethereum blockchain.

In related news, earlier in February 2019, Securitizepartnered with Elevated Returns, an asset management company, to offer investors tokenized real estate assets worth $1 billion on the Tezos blockchain.

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