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Homes Sold in Montenegro for 420 BTC, Part of a Global Real Estate Trend

Three luxury apartments located in Budva Montenegro were purchased this week using Bitcoin to the equivalent of 3.2Mn USD, according to Bitcoin.com

The 420 BTC sales were made according to Notary Office and the firm Astra Montenegro Investment Association (AMIA), which has been promoting cryptocurrency use locally.

Montenegro, meaning “Black Mountain” is a sovereign state in South-eastern Europe. It has a coast on the Adriatic Sea to the southwest, is bordered by Croatia to the west, and was part of the old Yugoslavia. It has since become a playground for holidaymakers attracted to the Adriatic coast.

The luxury homes are located in the coastal area near the Adriatic Sea where property prices are high. AMIA executive Nila Emilfarba, who has encouraged nearby businesses to accept cryptocurrency, including a marina, said the sale was the biggest so far in the country

“Our company, unlike many who have doubt in cryptocurrency, is the first in the region that started selling real estate for the cryptocurrencies.”

One of the purchasers, a 25-year-old from France, said the settlement process of paying the BTC to the notary and then transferring the funds, which were immediately converted to Euros was very simple, and quicker than a standard method using fiat.

Real estate purchases using Bitcoin is becoming more accepted after the currency’s climb to around $20,000 in early 2017. Other transactions in Miami, Amsterdam, Dubai, Manhattan and other global locations have all gone smoothly. There are now sites that provide a sales service offering properties worldwide payable for in Bitcoin, Ethereum or Litecoin.

A buyer could purchase a property today such as 12 bedroomed French Chateaux in Brizay for the BTC equivalent of 950,000 euros or if a more contemporary lifestyle is sought, a beautiful 2 acre home on the Costa Rican coast for exactly 100 BTC.

Homes are not simply sold at holiday locations or need to be luxury homes in order to make to make a Bitcoin purchase; last year two residential developer properties sold in the UK in Essex and Hertfordshire using Bitcoin. One of the new owners, a cryptocurrency investor, then decided to rent out his new property in BTC.

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