The real estate sector stands as one of the largest industries globally and is one of the most followed avenues for wealth building. Having reached a great value of US$634.90tn by 2024, the global real estate market is expected to reach US$727.80tn by 2029. However, having great potential in this industry, it still faces some inefficient practices. For example, charging high fees for the developers that disadvantage the buyers. This way the real estate industry adds to the financial burden on the buyers.
Moreover, buyers also have to find a way to process lengthy transactions that often involve complex paperwork, intermediaries and multiple approvals. Also, the opportunities for buyers are limited further by restricted property options. Buyers are also open to fraud risks as well. Therefore, it is now primal to search for optimal and secure real estate investment, which is stressful as well.
As a cryptocurrency paper, the process has its own challenges. Cryptocurrency transactions are faster than the traditional wire payments. However, when it is a heavily regulated industry like real estate, working through technicalities and restrictions creates a hindrance for even crypto-savvy buyers.
Buying Property with Cryptocurrency
There are now many platforms that allow buyers to purchase property directly from developers, a new, innovative way to invest in real estate. By enabling cryptocurrency payments, those platforms work to transform how the real estate transaction can be conducted.
The real estate lister offers a digitized solution for crypto holders looking to have digital assets in real estate. Now, more platforms will be able to provide transparent and secure transactions with reduced costs by partnering with trusted developers.
In the future, it is expected to have no agent fees, which can make a huge difference in areas where the properties are expensive. An example of such a platform is Directly.xyz, which is already providing these services in the UAE. It is expected to have more such platforms worldwide.
The transaction times will also be reduced, and the credits go to minimised intermediaries and paperwork. Cryptocurrency users can complete their purchases in less time as compared to traditional payment methods. Hence, in the future, the traditional ways of payment methods will be replaced by innovative and advanced methods.
Impact of Cryptocurrency in the Real Estate Market
In the real estate industry, only banks and title companies are the two intermediaries in conventional real estate transactions. The middlemen in this can raise the prices and also create delayed processes. Therefore, cryptocurrencies have made peer-to-peer transactions possible, which eliminates the involvement of middlemen.
Cryptocurrency also provides the leverage of easy cross-border transactions in the real estate market. It makes it possible for sellers and buyers to transact money across borders without having to go to banks or find another way. Luckily, real estate developers now have more opportunities with clients from other countries as a result.
Opportunities for Real Estate Developers
Cryptocurrency presents many opportunities for real estate developers to take their business to new heights. Let’s have a look at the ways real estate developers can benefit from cryptocurrency for their business success.
1. Acceptance of Payments in Cryptocurrencies
Accepting cryptocurrency as payment for their services is providing big opportunities for the developers. Accepting cryptocurrency as payment can resolve the rivalry. It can also draw new customers who are looking for easy transactions exclusively in cryptocurrencies.
2. Marketing to Cryptocurrency Investors
Real estate developers can promote their services now with the target audience of cryptocurrency investors. Real estate can be the most go-to investment choice for many cryptocurrency investors. Those investors who are looking to diversify their portfolio will grab the first opportunity available in real estate. And this opportunity can be provided by you to the investors.
3. Working with International Clients
Cryptocurrencies have simplified cross-border transactions, which provide real estate builders the opportunity to work with clients from different countries. Now the real estate market is not limited to only the home country. This means that these builders have more opportunities to add to their services and business. Also, developers can educate their clients about the cryptocurrency and how it is beneficial. They can also assist their clients in making informed decisions about using cryptocurrencies in their investment transactions.
Conclusion
In conclusion, the rise of cryptocurrency presents significant opportunities for the real estate industry to expand further by embracing cryptocurrencies. This approach benefits clients while also providing substantial advantages to the real estate developer. Buyers can easily process the transactions and also be able to invest in foreign countries. Cryptocurrency is still a new technology, and not everyone is familiar with the term. It is a great chance for the real estate market to introduce the possibilities of using cryptocurrencies. Those who are willing to embrace it and stay updated with the new trends will find more rise in the future. There are possibilities of replacing all the conventional methods with tech-savvy and innovative ways in the world of real estate.