Spain Outplays Crypto-Friendly States In Sponsoring Highest Number of Crypto-backed Real Estate Transactions

Forex Suggest, an independent entity that analyses the crypto industry, has recently compiled a study on crypto-backed real estate transactions globally.

According to the survey’s findings, Spain is the number one country in the world sponsoring the highest number of crypto-backed real estate transactions.

The survey also finds that Spain has even outplayed states such as Portugal, Dubai, Thailand, Australia, and Switzerland.

These countries are otherwise regarded as ‘crypto-friendly’ states where buying properties through cryptocurrencies is a usual norm.

Forex Suggests Survey Findings

Forex Suggest took the task of analyzing global states voluntarily with regard to unearthing cryptocurrencies’ amalgamation in the real estate sector.

The findings revealed that for the purposes of crypto-supported real estate transactions, investors prefer investing in Spain.

Currently, Spain could be termed a ‘hotbed’ for global crypto investors especially those who are keen on acquiring properties against crypto payments.

The survey examined real estate properties put up for sale at various global crypto-enabled real estate marketplaces and portals.

Forex Suggest identified that the highest number of properties (exactly 289 in total) were all located in Spain.

These properties were further found to be located in the iconic cities of Spain such as Marbella and Alicante.

Similarly, another huge chunk of such properties can further be found in the landmark Spanish city of Barcelona.

Study Finds Thailand and Portugal as the Second and Third ‘Hotbeds’ for Crypto-backed Real Estate Properties

After Spain, the survey then finds Thailand as the second and Portugal as the third ‘hotbeds’ for real estate crypto investors.

The country of Thailand has put up for sale a total of 227 real estate properties. Similarly, Portugal (a globally renowned crypto-friendly state) also has showcased 130 properties that it plans to sell against digital currency payments.

It may however be noted that the Government in Portugal has taken serious note of the properties being sold to offshore investors.

It has been observed by Government that locals are unable to purchase properties because they are overpriced and unaffordable. The reason for such high-priced properties is due to foreign investors.

In this connection, steps have been proposed by the Government that foreign real estate investors be discouraged for the time being.

This decision is likely to have an impact on the future purchases of properties in Portugal either on cash or against crypto payments.

Overpriced Properties Located In Canada

The survey also took note of the fact that there was a moderate number of properties that were highly valued. It further noted that the majority of such highly valued properties were located in Canada.

Hence, according to the survey’s findings, Canada is at the number one spot in terms of selling properties demanding huge sums in digital currencies.

For instance, the properties in Canada are seeking an average payment of 250 units of Bitcoin against each such property.

On the contrary, the properties offered for sale by the Philippines are expecting an average payment of up to 15 units of Bitcoin. The properties in the Philippines are hence the cheapest a real estate crypto investor can find.

Further Observations Made In the Study

The survey also went on to explain the advantages and disadvantages of crypto amalgamation into the real estate sector.

It noted that the biggest advantage is that buyers and sellers would be able to avoid ancillary and unnecessary costs and expenditures.

As regards the disadvantages, survey results suggested that there is a huge deficiency of mortgage facility providers. This is so because mortgage lenders are reluctant in accepting digital currencies as potential ‘deposits’.

However, the fact is that digital currencies’ amalgamation into the real estate sector has been treated as a welcome change.

A large number of global real estate portals are already dealing with properties seeking payments in digital currencies.

Also, there are innumerable real estate dealers waiting in line to offer the sale of properties to crypto investors.

The real estate industry, powered by crypto, is hence rapidly expanding in almost every corner of the world.