According to a report by Expresso, the real estate market has experienced another historical moment, with the first house sold entirely in cryptocurrencies taking place on May 5, 2022.

The T3 apartment in Braga was purchased for three bitcoins, that is, about €110,000. This means that for the first time in Portugal and Europe, a house was traded using only cryptocurrencies without any conversion to euros.

New regulation

With the new regulation of the Order of Notaries launched last month, it is now possible to carry out a 100% crypto operation. How? Through an exchange: the buyer hands over their cryptocurrency to the seller and there is an exchange of digital money for the right to the property. Note that, before this regulation, when buying a house, it was first necessary to convert cryptocurrencies to euros to carry out the operation.

"This deed represents a historic milestone, the transfer of a digital asset to a physical asset - a house - without any conversion to euros", highlights Zome on its Facebook page, which participated in the operation.

For Carlos Santos, chief technology officer at Zome, "the future of mediation will pass through crypto assets, so we believe that this transaction will start a whole new world of possible business", he highlights in a statement.

Exponential increase

“This type of business will have an exponential increase and Portugal is showing very promising signs in terms of the digital economy, so we believe that this operation can be a great opportunity for growth and value creation”, adds Nuno da Silva Vieira, a lawyer and partner responsible for the Legal Intelligence practice area of ​​Antas da Cunha ECIJA.