Last Thursday marked the first transaction in Portugal to sell an apartment for Bitcoins without converting it into fiat money. The country’s first such transaction amounted to 3 BTC ($108,204 as of May 7).
The transaction was facilitated by real estate company Zome, law firm Antas da Cunha, the chairman of the Portuguese Notary Public and Swiss cryptopartners. A two-bedroom apartment was purchased in Braga.
“This transaction represents a historic milestone, the translation of a digital asset into a physical asset – a house – without any conversion into euros. We believe a new world of real estate business is opening up today!” according to a report by local news outlet Idealista
In April, owners and real estate agents were allowed to transact with digital assets. Before that, the buyer had to convert them into fiat. However, such transactions require additional information: information about the payer’s bank account, cryptocurrency wallet address, data about the parties to the transaction, as well as confirmation of the cryptotransaction.
In February 2022, a family from the Netherlands who invested all their money in Bitcoin explained their move to Portugal by the authorities’ loyal attitude toward cryptocurrencies.
Earlier we wrote about the possibility of buying real estate in Turkey and the UAE for cryptocurrency. On the other side of the globe, in February 2022, the Colombian real estate company La Haus also made its first deal to sell an apartment for Bitcoins. The total value of the property was $98,000, or approximately 2.45 BTC.