Antalya Homes, a Turkish real-estate agency has sold 9 properties until now against Bitcoin payment. The firm affirmed that most of these buyers were international. The property dealer’s average cost per house comes at around $33,900 and the firm also accepts other cryptocurrencies like Bitcoin Cash, Ethereum, stellar, ripple, litecoin and tether.
Bayram Tekce, the chairman of Antalya Homes says that his firms usually deals in crypto because of its several advantages over the traditional fiat. He explained,
“Payment with cryptocurrency enables a more reliable and faster transaction performance such as money transfer between bank accounts without any exchange loss,”
Turkey’s Crypto Boom and its Impact on the Property Sector
Turkey has seen a significant rise in crypto use along with the ever-growing property and real state business. The country attracts many foreign nationals to its lucrative property market. In 2018 a total of 40,000 properties were bought by people of foreign nations, a massive increase of 80% from the previous year.
The city of Istanbul attracts most of the investment for its scenic areas and coastal properties.
Antalya Homes, which started dealing in crypto last year has seen a massive demand and they have added a “Buy with Bitcoin” option on its website for those looking to use Bitcoin for buying the properties. However, the owner did not detail how the Bitcoin payment works on the website.
Bayram Tekce, the chairman seems smitten by the advantages of using Bitcoin for buying property, he explained,
“It is very profitable to purchase real estate for those who want to utilize their cryptocurrency investments in the real estate sector. By making investments particularly in countries like Turkey, where housing is becoming increasingly valuable, investors can shift their investment to a less risky and safer area, and multiply their savings.”
Bitcoin As a Daily Driver Is Becoming a Reality
Looking at the current example of Turkish real estate, the use of bitcoin as a daily use entity is increasing quite rapidly. At the early stages, Bitcoin was only used as a store of value or for trading, and its use was restricted to very few online market places.
Despite the bearish market and volatility of the price market, the use of Bitcoin is only growing as the inventor Satoshi Nakamoto intended. The number of vendors accepting Bitcoin has risen significantly, and people can now use BTC to pay for a number of services, not necessarily congested to the online space.