By 2023, people have begun to actively use the benefits of the crypto economy. Now it is possible to pay for online purchases with tokens and invest crypto in startups, but it is still difficult to use them outside the web space. So far, cryptocurrency is a good tool for investment, but not practical enough for everyday life. However, there are a number of countries that allow their citizens to even buy real estate with cryptocurrency. Let’s see if it is comfortable to make such deals.

Apartments for crypto: where to buy?

Since 2013 it was possible to purchase houses, apartments or more elite housing for Bitcoin and some of the altcoins. Now the crypto real estate market is even more diverse and accessible. International decentralized marketplaces are especially popular. You can legally purchase square meters for cryptocurrency in Cyprus, Germany, Portugal, the United Arab Emirates, Georgia, Turkey and Thailand.

Thailand, for example, became the first Asian country which allowed cryptocurrency transactions. But from 2022, crypto can only be used as a means of investment.

In Cyprus, cryptocurrency transactions are prohibited, but this does not prevent using the special services when buying real estate. Money will be transferred through licensed foreign exchanges.

Germany does not in any way prevent its citizens from making cryptocurrency transactions for real estate. Transactions with Bitcoin are notarized, the tax is the same as when paying with fiat money.

The Portuguese authorities are loyal to crypto transactions. Moreover, such transactions are not subject to taxes.

Since 2017, the sale of apartments for cryptocurrencies has been established in Dubai, but soon the authorities banned it. However, developers and intermediaries quickly established cooperation with exchange companies. Customers have to pay a commission for this, but it is relatively small – up to 3%.

Benefits of buying real estate for BTC

The cryptocurrency market is constantly developing today, but why has it suddenly become important to buy real estate for coins? Why is it more realistic to pay with Bitcoin not for bread in a grocery shop, but for an apartment?

By 2023 the demand for overseas real estate has risen, and the percentage of migrants has increased around the world.  People are no longer tied to one place of residence, it became more convenient for many to lead a semi-nomadic lifestyle, moving from country to country or from city to city. 

Cryptocurrency has become an ideal solution to problems with the conversion of funds, for those who constantly move. A crypto wallet with a built-in exchange has become the main personal savings center.

Advantages of purchasing real estate for cryptocurrency:

• Increased transaction speed. Operations are carried out without participation of third parties, purchasing is happening directly between the payer and the selling company. So it takes less time to process the request.
• Reduced commissions. There’s no need to pay huge commissions when purchasing a real estate due to the absence of a third party.
• Simplified process. Investments in real estate are becoming more accessible. Companies today can freely sell shares for cryptocurrency, so the investor is spared from the long procedures for registering the rights to own real estate.
• Reduced taxes. Depending on the country's regulations, buying real estate for tokens might allow you to pay less taxes.

The popularity of cryptocurrency real estate transactions continues to grow. More international market companies are starting to offer their clients such a deal, but is it safe?

Risks and restrictions when buying real estate for cryptocurrency

Let’s take a closer look on some risks that Bitcoin can bring into real estate business:

• Unverified seller. Since the crypto market is not fully regulated by the authorities, it’s not possible to bring unscrupulous sellers to justice under state laws. Only the internal security systems on the selling platforms will be responsible for the safety of clients' funds.

• High volatility of the crypto. Bitcoin is known for its instability, so working with it is always risky. However, many problems can be avoided if you conduct operations with stablecoins, since they are backed by fiat or gold.
• Regulation. Bitcoin is not legalized in all countries of the world. Therefore, when making real estate purchases, it is necessary to follow the rules of the law. If one violates existing laws, he or she might get fined.

Where can you buy real estate for Bitcoin?

If you're wondering where you could find services that might let you buy real estate for BTC, then SimpleSwap made a list of examples!  Let’s check it out:

1. Crypto Emporium is a large cryptocurrency marketplace. One of the most popular online stores accepting cryptocurrency for payment was founded in 2018. There you can buy goods of different categories, including real estate and cars.

2. Bithome is a company that offers a huge selection of real estate around the world. There you can buy houses or apartments in the USA, Switzerland, Mexico, buy land in South Africa and much more. Bitcoin (BTC) and altcoins are accepted for payment on the site.

3. Propy is an American real estate company. Established cooperation with the blockchain made it possible to simplify its work and speed up the process of buying and selling for crypto.

Conclusion

Today, buying a house or an apartment for cryptocurrency is possible, affordable and quite easy. Don’t forget that it is important to work only with trusted sites and sellers, who operate without violating the current regulations and monitor the safety of transfers. Then all the benefits of the new Web3 space — fast transactions, reduced commissions and low taxes — will become available.

Would you like to buy a house using your Bitcoin? Share your opinion in the comments below.

If you want to learn more interesting facts about crypto then check out our blog! You might like our articles “Modern Businesses Using Blockchain” and “Metaverse Real Estate”.

The easiest way to buy, sell or exchange coins is to use SimpleSwap services.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.