The EU’s first property sale on blockchain took place in Seville, Spain, in early October. Both parties used the cryptocurrency, Ether, to transfer ownership via Propy’s transaction platform.
The French buyer, Sabastien, and Spanish seller Miguel Prados Rodriguez met online on a web source for crypto enthusiasts. They both wanted to use crypto to secure the deal and decided to look for a solution.
Miguel Prados Rodriguez said he is very happy with the sale’s outcome. "Propy made the entire process simpler than it would have been through a traditional sale. Their platform is user-friendly and gave me the peace of mind I needed to know that the entire transaction was safe.”
Purchasing property across borders can be difficult for buyers and sellers from different tax and regulatory jurisdictions, who are also worried about fraud. With blockchain, all parties have mutual trust thanks to immutable encrypted records on blockchain.
According to Karayaneva, the real estate market can be a complex web of governments, brokers, and other entities making international property transactions difficult.
“Propy's blockchain-enabled platform removes any complexity resulting in a simple online transaction that is easy to complete and secure,” Karayaneva said.
Yet another blockchain-powered property sale is scheduled in upcoming months in Spain, reported Propy.