With new technology comes new trends, and the latest craze to hit the real estate market is utilizing digital assets in the form of cryptocurrency. If you’ve found yourself the happy owner of alt-coins and you’re wondering if you can use them to purchase your next home, you’re in luck. Since using an alternate form of currency opens the market for more potential investors worldwide, there are already a number of markets using cryptocurrency to buy and sell real estate; we’ve outlined five of them for you below.
Lake Tahoe, California
Looking for property out of the hustle and bustle of the busy city centers? Perhaps a vacation home in stunning Lake Tahoe, California will peak your interest. In 2013, Lake Tahoe made headlines when an underdeveloped 1.4-acre property was sold for 1.6 million dollars all in cryptocurrency. At the time, it was the largest crypto-based real estate transaction. It would only be 4 years later when Miami, Florida would give the Golden State a run for its crypto-money
Alt-coins were only entered into the Miami market in 2009 but they’ve quickly gained traction as a viable option for entering the real estate market. Recently, Miami real estate agent Stephan Burke sold a home for over 6 million dollars exclusively in cryptocurrency proving that there is incredible potential for this form of exchange.
New York, New York
They’re known for being a city full of entrepreneurs unafraid of taking the odd risk to get ahead and the city that never sleeps is certainly alert and engaged in the cryptocurrency trend. Magnum Real Estate recently started accepting cryptocurrency for deposits and purchases for brand new developments in Manhattan’s East Village, paving the way for other potential investors and developers to do the same going forward. Many homes and apartments are currently available for purchase via altcoins in New York today.
Outside of America, even the island of Indonesia is digging into these kinds of transactions. While currently commercial and industrial markets are cautiously staying away from the digital realm, residential real estate buyers are jumping in. A villa in Bali sold for $500,000 in the form of 800 altcoins.
Developers in Dubai are making big moves in the market these days having recently announced a plan for a joint residential-commercial development valued at $325 million dollars. Interested digital-savvy residents will be pleased to know that studio and one-bedroom apartments are already available for purchase via cryptocurrency. In fact, while some of the apartments can still be bought via traditional methods, a number of these units are specifically reserved for cryptocurrency users, a bold move that could become the norm for a number of markets in the not so distance future.
While the future of cryptocurrency is unclear as lawmakers struggle to keep up with the developing technology, taking the risk and securing some digital cash is proving to have some exciting potential, certainly at least in the real estate market.