In Latin America, Crypto Owners Can Buy Real Estate Using Bitcoin Cs

Illustration of buying property using Bitcoin in Chile (Stephen Leonardi-Unsplash)

JAKARTA – The first real estate purchase using cryptocurrency has taken place in Chile. The announcement was made by Yuval Ben Haym, regional manager of Remax, a real estate operator with global activity as reported by Bitcoin.com News.

The purchase actually took place last year, to be exact in November 2021. Bitcoin owners bought a plot of land located in Temuco, Chile. With the purchase using digital money, Ben Haym believes that cryptocurrencies can be used as a real estate purchase option.

Despite its high volatility, Remax has publicly announced that it accepts payments in various cryptocurrencies.

"From now until the future some properties will be able to be paid for with this new payment instrument," he said.

Chile is one of the Latin American countries that accepts Bitcoin payment options for property and land purchases. In fact, a number of other countries have done the same thing as buying apartments in Venezuela using the crypto stablecoin, USDT.

It didn't stop there, a technology-based property company La Haus also announced real estate transactions in Colombia made with Bitcoin earlier this month.

In this transaction, the buyer uses the Lightning Network to pay for a portion of the property which is a luxury apartment in a complex located in Santa Marta. The same company has registered this kind of sale in Mexico, where buyers located in Peru make remote purchases.

Purchasing properties using cryptocurrencies will become a common thing for the crypto community in the future.

“It is normal that we see the start of the cryptocurrency business with property, because Bitcoin can be seen as an investment,” said Guillermo Torrealba, General Manager of Buda, a regional exchange.

Although the purchase of property with crypto currency is increasingly widespread. Nicolas Herrera, studies submanager at Toctoc, another proptech firm, also stated that with their new restrictions, banks are making the task of buying a home difficult for most people.

Accepting cryptocurrencies as a payment option for a number of property companies in Latin American countries is considered to be able to facilitate direct property trading without the need to follow various requirements for submitting to a bank first.