25 Mar, 2021 @ 10:30
1 min read

Andalucian apartment bought using crypto currency in a nationwide first in Spain

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AN apartment in the Andalucian city of Seville has become a nationwide first by being the first property to be sold using crypto currency.

The transaction is the first of its kind in Spain and investors hope that it is the first of a new trend in property sales.

The apartment was bought using ether (ETH) the digital currency of the crypto provider Ethereum.

It was put up for sale on the Spanish crypto exchange program Criptan through the real estate investment firm Rental IT for the price of €55,000 ($65,000) .

The funds were raised through a collective of 32 international buyers from Spain, Argentina and Mexico who invested a minimum of €100 ($120).

The property will now be rented out by Rental IT and profits from the rental will be distributed between the investors.

Jorge Soriano, co-founder of Capitan praised the transaction as a breakthrough and hopes that they can repeat its success in the future.

“This sale represents a ‘start’ for small scale investors from across the globe and allows them to join a sector that had previously been extremely difficult to access.”

“We also hope that the use of crypto currency through a regulated and trusted intermediary cuts out almost all of the convoluted Spanish bureaucracy involved in house sales.” said Soriano.

Rental IT CEO Eric Sánchez also expects that this breakthrough sale will ‘open the real estate marked to everyone in the future’.

Crypto currency is slowly making itself known in the real estate sector in Spain, last month, an apartment in the centre of Barcelona became the first property to be put up for sale with payment to be paid in bitcoin.

Real estate agent Idealista listed the property for the price of 3.5 BTC (€181,000) with all taxes to be paid in fiat, a government-issued digital currency.

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James Warren

"James spent three years spent working as a junior writer at various English language newspapers in Spain before finding a home at the Olive Press. He previously worked for many years as a bid writer for an international motorsports company. Based in Cordoba since 2014, James covers the southern Subbetica region, northern and inland Malaga and the Axarquia area. Get in touch at [email protected] with news or trustworthy tips that you would like him to cover in these areas"

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