Leading Real Estate Firm in Turkey Accepts Cryptocurrency Payments

Leading Real Estate Firm in Turkey Accepts Cryptocurrency Payments

Antalya Homes, one if the biggest real estate firms in the transcontinental country of Turkey, has recently announced that in 2018, it successfully sold nine different properties and accepted Bitcoin as payment for them. The estate firm made these sales after they officially announced that they would be receiving Bitcoin for payments.

Antalya Homes on Allowing Crypto Payments

The real estate company has also said that they accept five other cryptocurrencies. These include Ethereum, XRP, Bitcoin Cash (BCH), Stellar and also Tether. Speaking on the reason for the firm’s decision to accept cryptocurrency payments, Bayram Tekce – the Chairman of Antalya Homes – said that cryptocurrency offers a more secure payment options without any deductions that might occur due to volatile rates of currency exchange.

He said: “Payment with cryptocurrency enables a more reliable and faster transaction performance such as money transfer between bank accounts without any exchange loss.”

It is however unclear how much bitcoin was paid for the property as this was not officially announced. However, it might be important to note that most properties in the country are usually €30,000 ($34,000) at least. Based on this, an assumption could be made that the minimum cumulative amount that must have been paid for the nine properties is 80 Bitcoins which is presently about $306,000.

Antalya Homes encourages potential customers and homeowners to make payment with cryptocurrencies as they have a page on their website that promises that the title deed for whatever property bought with Bitcoin, would be received by the buyer on the same day said buyer makes a Bitcoin transfer to the firm’s wallet.

The firm also allows buyers to use Bitcoin to pay a portion of the property “should their value be less than the asking price, or they do not wish to completely exhaust their cryptocurrency investment portfolio.” This means that buyers could pay for one property in both cash and Bitcoin if they so choose.

Also, It would seem that Turkey offers national citizenship to non-national buyers who spend at least $250,000 on properties. Antalya Homes confirmed this, saying they have assisted a large number of non-nationals acquire citizenships based on purchases with them.

Cryptocurrency Adoption in Turkey

Turkey seems to be really interested in the cryptocurrency sector as some stories currently have it that in Europe, the country is one of those with the largest number of cryptocurrency holders.

Some people blame this on the fact that Turkey might have a less than admirable banking framework and also that the country has uncomfortable inflations rates. However, some others believe simply that the reason is crypto’s own features which include its decentralisation and its capacity to be transacted worldwide without any inhibitions.

In many countries, inflation rates and limited access to certain financial facilities make it easier for them to be a lot more interested and comfortable with cryptocurrencies. Another factor that helps the propulsion of crypto is the fact that with crypto, pretty much anyone in any part of the world could enjoy the same online facilities as they might be available elsewhere.