Portugal Successfully Sells Real Estate With Bitcoin Payments for the First Time

Annie Li   May 09, 2022 09:37

A three-bedroom (two-bedroom) house in the Portuguese metropolis of Braga has been successfully sold with payment received in Bitcoin (BTC) for the first time.

This is the first time that an apartment has been sold in the country after it was enacted to allow real estate transactions in cryptocurrencies. The purchase price of this house is about 110,000 euros. The buyer paid with 3 bitcoins.

The title deeds were transferred in Porto's Póvoa de Varzim district on Thursday 5 May. The acquisition was completed with the assistance of real estate firm Zome, regulator Antas da Cunha Ecija and three parties from Switzerland’s Crypto Valley.

Portugal's local media said it marked the deal as a major deal in the history of the country's actual real estate market.

Portugal is crafting a name for itself in the crypto space based on its zero-taxation policy, having set up various free zones to spur growth and research for cryptocurrency and blockchain organizations.

Damac Properties, a major real estate development company, based in Dubai, United Arab Emirates (UAE), announced Wednesday that it would sell properties using Bitcoin and Ethereum as payment methods.

Image source: Shutterstock

Dubai Real Estate Developer Damac Properties Accepts Crypto as Payments

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