Crypto real estate market rises by a quarter
Using the option of cryptocurrency to purchase property has risen by 25 per cent over the past year.
Despite typical market volatility – meaning it can be difficult to agree on a price when the value of flagship crypto Bitcoin can vary so dramatically day-to-day – the number of people buying and selling homes using digital assets has risen globally.
However, while crypto real estate has seemingly taken a leap in the UK, there are only 66 properties currently available for purchase with the option of completing a sale using cryptocurrency. This figure, albeit relatively small compared to some other nations, has risen by more than a quarter on the previous year.
The UK ranks eighth on a table of countries where a significant number properties can be bought using digital assets.
Spain ranks the highest with a remarkable 289 properties. The figure is made up largely of villas in and around the cities of tourist hotspots Alicante and Marbella, as well as dozens of apartments in the bustling city of Barcelona.
Thailand takes second spot with a total of 227. The popular islands of Phuket and Koh Samui have some of the higher concentrations of properties available.
Third is Portugal with 130 crypto properties all split between the capital Lisbon and the second largest city of Porto.
The rest of the positions in the analysis by digital asset platform Forex Suggest sees the United Arab Emirates with 128, Montenegro on 110, Mexico at 89, and the US just ahead of the UK with 80.
The UK ranked seventh for the most expensive crypto properties, with average prices around 62 BTC – £1.2 million.
Canada’s crypto property market proved to be the most expensive with an average listed price at 248.3 BTC – around $5.7 million, although these figures can be explained by the country only having 18 properties for sale by crypto, and almost all are deemed ‘luxury real estate’. The US registered a similar pattern with an average price of 112 BTC – the equivalent of $2.5m.
The Philippines, with only eight properties on the market, proved to be the most inexpensive with an average listed price of 15.4 BTC – around £295,000.
Despite the rising number of properties available for sale using crypto in the UK, few are actually sold using digital assets, and a very limited selection of estate agents are willing to operate with cryptocurrency.