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Buying real estate with crypto is becoming an increasingly popular way to acquire property, whether for individual use or as an investment. Certain regions and cities are already making a name for themselves as crypto real estate hot spots, such as Miami in the U.S., the Costa del Sol in Spain, and Larnaca in Cyprus.
Given the benefits of crypto payments, such as speed, security, privacy, and cost-effectiveness, crypto holders around the world are leveraging their digital funds to purchase real-world assets that will continue to prove fruitful. ForumPay’s seamless crypto payment solution is designed specifically to facilitate all transactions between crypto, stablecoin, and FIAT funds, from everyday grocery shopping to high-value purchases like real estate.
In a bid to extend and bolster the utility of cryptocurrency in the world of European real estate, we have recently partnered with an exclusive property developer in Cyprus to offer forward-thinking home hunters a chance to leverage their digital funds.
In this article, we take a closer look at trends in the real estate market’s adoption of cryptocurrency, the benefits of using digital currencies for real estate purchases, and how our crypto payment gateway is helping to open up a new era in property purchases.
Buy real estate with crypto
ForumPay’s recent onboarding of a new partner in Cyprus will allow crypto holders looking to buy real estate with Bitcoin, Ethereum, or any other major crypto, the chance to leverage their funds for a state-of-the-art property overlooking the Mediterranean Sea.
The trend of buying real estate with crypto assets is already firmly established in other sought-after markets, such as Miami in the U.S. Under the leadership of Mayor Francis Suarez, Miami has enthusiastically embraced the crypto movement, including hosting major events like the Bitcoin Conference and exploring innovative ideas such as paying state employees and accepting taxes in Bitcoin. This forward-thinking approach has attracted significant investments from prominent firms and set the stage for a thriving crypto housing market.
Properties in Miami have sold for the crypto equivalent of millions of dollars. For example, a 4-bedroom condo sold in 2022 in Downtown Miami for $7.2 million USD worth of Ethereum. ForumPay has enabled multiple crypto-to-dollar real estate purchases across the U.S., including Florida and California. Now, building on this success, our expansion into the Cypriot market promises to offer a similarly seamless experience for local buyers and global investors. In facilitating these high-value transactions, ForumPay bridges the gap between digital assets and tangible investments, allowing home hunters to leverage their digital funds to exchange crypto for real estate in Europe.
Real estate investment in Cyprus
For crypto holders considering a real estate investment in Cyprus, the stats paint a promising picture. Looking back over 2023 and the first half of 2024, it’s clear that the Cypriot real estate market is flourishing. The idyllic combination of an attractive lifestyle and strong investment prospects, helped along by its strategic location and favorable tax incentives, has led to particularly positive growth in the market’s luxury sector, with 2,456 high-end properties sold in the first quarter of 2024 alone.
The region of Limassol, on the southern coast of Cyprus, remains a prime destination for luxury real estate and global investors in 2023, dominating the market with 41% of total sales. But neighboring Larnaca is emerging as an equally desirable location, having experienced a notable 28% increase in sales value in the past year, driven by both a rise in transaction numbers and higher average property prices. In the first quarter of 2024, the Cyprus Land Registry reported 2,456 sales contracts totaling €585 million, with the high-end property market accounting for 27% of the transactions and nearly half of the market value, totaling €290 million USD.
Cryptocurrency real estate in Larnaca
The city of Larnaca dates back some 4,000 years. But today, its ancient past can be found seamlessly interwoven with modern streets, businesses, and real estate. As one of the growing real estate markets in Cyprus, Larnaca offers an array of opportunities for both locals and investors to buy properties with crypto. From state-of-the-art sky residences within the Marina to 3 and 4-bedroom detached houses within walking distance of the city center and blue-flag beaches, Larnaca is a location that suits all tastes and lifestyles.
All of the properties developed by our new partner come with a 5-year warranty and are available to purchase in both euros and crypto, thanks to ForumPay’s exclusive partnership with realtors in the area. By collaborating with local real estate experts, we leverage our expertise in cryptocurrency and crypto payments to introduce these first-class properties to the global community of crypto holders. Here are some examples of the real estate available in Larnaca:
ForumPay: Crypto payments for real estate
ForumPay’s secure and seamless payment solution allows home buyers and investors to use crypto assets to purchase properties marketed in euros —or any other FIAT currency— with no limit on the transaction value.
ForumPay allows buyers to pay the seller directly from their cryptocurrency wallet, thanks to our wallet-agnostic technology, which bypasses the need to rely on third parties such as banks to manage the transaction, thereby avoiding lengthy delays and saving on superfluous fees. Both parties clearly see the amounts involved in the transaction—buyers know exactly how much crypto funds to send, and sellers receive the agreed-upon amount in euros. The exchange rate is also locked in at the time of the transaction, and funds are instantly converted from cryptocurrency to euros.
By purchasing real estate using crypto through ForumPay, the transaction is protected by an extra layer of security and privacy thanks to our rigorous KYC checks, guaranteeing the authenticity of funds and the credibility of the buyer. The blockchain technology underlying our crypto payment solution ensures all transactions are final and immutable, reducing the risk of fraud or interference. It also protects the privacy of crypto users, which often appeals to buyers making high-value purchases, as only anonymous wallet addresses are visible —all personal details remain confidential.
The seller’s experience is also refreshingly straightforward and not unlike receiving funds from a traditional transaction, as we send the purchase amount —in euros or the seller’s FIAT currency of choice— directly into their bank account.
If you are interested in finding out more about buying real estate with crypto in Cyprus or accepting crypto for a property you are selling with the help of ForumPay, contact a member of our sales team. Alternatively, visit our website at www.forumpay.com for more information on crypto payments and crypto trends.
