Buying a house using Bitcoin is now possible in Spain thanks to the collaboration between Binance Pay and Spain Homes, which facilitates cryptocurrency transactions in the real estate field.
Let’s see below all the details.
The partnership between Binance Pay and Spain Homes to buy a house in Bitcoin
As anticipated, the collaboration between a real estate agency and the contactless payment platform of the Binance app makes it possible to purchase real estate in cryptocurrencies.
In particular, offering an opportunity accessible also to Italians eager to invest in the Spanish real estate market.
In the first six months of 2023, Italian citizens ranked as the third main buyers of properties in Spain. Representing 5.22% of the total purchases, according to data from the Spanish real estate registry.
On February 22, 2024, in Milan, digital currencies, now established as a widespread investment option, are increasingly being used as a means of payment.
Cryptocurrencies like Bitcoin and Ethereum have become a valid alternative for purchasing everyday goods and services and for higher value expenses. Furthermore, with a growing usage by users.
A recent study conducted by Binance on over 8,000 users of its platform has highlighted the growth of cryptocurrency adoption in everyday life, surpassing their role as mere investment tools.
In the Italian context, 54% of users have integrated cryptocurrencies for daily purchases, demonstrating a shift in perception of crypto as a practical tool.
Furthermore, 17% of people make daily transactions with cryptocurrencies at least once a month, while 10% do so weekly.
A concrete example of this trend has emerged in Spain. The partnership between Binance Pay and the real estate agency Spain Homes offers the possibility to purchase properties using cryptocurrencies, introducing an innovative method of high-value transactions.
Spain between crypto and market security
Spain is positioning itself as one of the most attractive real estate markets for Italian buyers.
According to recent data from the Spanish Property Registry, Italian citizens have ranked as the third main buyers of properties in the country during the first half of 2023, accounting for 5.22% of the total purchases.
A study by Forex Suggest highlights Spain’s prominent position in the number of properties that can be purchased through cryptocurrency globally.
Confirming the country as an ideal destination for both permanent residence and holidays, thanks to its reputation as a safe, productive, and dynamic real estate market in Europe.
Pakning Leuk, responsible for Binance Pay, stated the following:
“Our globally recognized and user-friendly payment system ensures transparent and secure transactions through blockchain technology. Spain Homes’ adoption of Binance Pay for online real estate transactions offers a seamlessly efficient alternative to traditional methods, eliminating additional fees, intermediaries, and geographical barriers.”
Ozkan Tekce, COO of Spain Homes, added:
“The real estate sector and cryptocurrencies are closely connected, with cryptocurrency investors seeing properties as a way to increase profits and diversify investments. Thanks to the collaboration with Binance Pay, Spain Homes, with its local expertise, opens up new and significant opportunities for these investors.”
Binance Pay, powered by Binance, provides a globally recognized and easy-to-use payment system and wallet.
In particular, leveraging blockchain technology to ensure secure and transparent transactions, with tamper-proof records, thus providing complete protection from fraud or manipulation.
Safe and compliant real estate transactions
Buying properties in Spain through Spain Homes with the help of Binance Pay is a simple, reliable, advantageous process that is fully compliant with local laws.
The process starts when potential buyers contact Spain Homes and, after a detailed discussion of their preferences with an experienced agent, submit some documents for the “Know Your Customer” (KYC) verification process.
Subsequently, an anti-money laundering check is carried out. Once successfully passed, a power of attorney is granted to Spain Homes’ legal partner. The agreed amount is then transferred from the client to a restricted account.
The legal partner takes care of the entire purchasing procedure, including the signing of necessary documents, while Spain Homes arranges the meeting with the notary.
During this meeting, the remaining payment, taxes, and fees are paid from the escrow account.
This process allows the buyer to obtain the title of ownership and the seller to receive the payment, ensuring a secure transaction compliant with regulations.
