A house in Portugal sold for 3 bitcoins in a historic sale

As the use of cryptocurrencies grows in popularity, an increasing number of people are using digital assets to acquire and sell real estate.

It became known on May 5 that a property in Braga, Portugal, was sold exclusively on the basis of bitcoins, without any conversion into euros taking place. With this transaction, the real estate sector will have experienced a first of its kind.

The T3 apartment in Portugal was acquired for three bitcoins, which is equivalent to approximately 110,000 euros. Witnesses to the signing of the deed were representatives of the real estate company Zome, the law firm Antas da Cunha Ecija, the president of the notaries, and other partners of Crypto Valley Switzerland.

Zome announced the development in a Facebook post, noting that the company is “in the first line” regarding Web3 technology and cryptocurrency adoption:

“This act represents a historic step, the transfer of a digital asset to a physical asset – a house – without any conversion into euros. We believe that a new world of possible business in real estate is opening up today!”.

Web3 initiatives ensure growth and value creation

Zome’s chief technology officer, Carlos Santos, believes the deal will provide new opportunities for the company. According to Nuno da Silva Vieira, lawyer at Antas da Cunha Ecija, the operation has the potential to be a “great opportunity for growth and value creation” in Portugal.

Other initiatives related to Web3 are being created by Zome and will be presented “very soon“, according to the conclusion of the blog of the company.

Until last month, buying real estate in cryptocurrencies required the buyer to first convert their cryptocurrency holdings into euros. Since then, however, the Order of Notaries of Portugal has drawn up explicit guidelines for the formation of deeds for real estate transactions that are carried out entirely via digital assets.

A comparison of the cryptocurrency values ​​between when the deed was registered and when the promissory contract was signed, as well as between the dates of the two documents, would be necessary to assess whether the transaction was legal or not. .

Leave a Comment