Why cryptoassets can be a game-changer for real estate in 2024

The blockchain industry has a compound annual growth rate (CAGR) of 66.2% annually. Originally developed for cryptoassets, blockchain technology now branches into various industries, including real estate. In fact, blockchain's core principles pair perfectly with real estate transactions by offering decentralisation and transparency. With blockchain, real estate transactions become more transparent, mitigating risks related to intermediaries and fraud. In addition, asset tokenisation enables fractional ownership, which boosts liquidity and diversifies investment options. These advancements demonstrate blockchain's ability to simplify complex real estate procedures and broaden access to investment opportunities.

Why real estate agencies now support cryptoassets

In 2024, the integration of cryptoassets into real estate agencies is not just a trend; it's a must-have in any real estate agency's toolbox. This is especially true considering that 46% of millennials are cryptoasset enthusiasts, and 56% of millennials plan to buy a home within the next two years.

Cryptoassets offer many benefits that can greatly improve the way real estate transactions are conducted. Firstly, cryptoassets introduce a new level of efficiency to real estate transactions. By leveraging blockchain's decentralised ledger, transactions can be executed quickly and with reduced friction. Smart contracts (that operate on a blockchain) automate processes, eliminating the need for intermediaries and reducing the risk of disputes.

Moreover, cryptoassets facilitate borderless transactions, opening up global markets to real estate agencies and investors. With digital currencies transcending geographical boundaries, real estate agencies can attract international clientele and capitalise on diverse investment opportunities.

Effective title administration makes it easier to verify property titles by digitising them on a tamper-proof ledger. Blockchain eliminates inefficiencies and reduces the risk of fraud. This ensures accuracy and trust in transactions, laying the foundation for a more robust property ownership system.

Tokenising real estate assets involves converting physical properties into digital tokens on a blockchain network. These tokens, representing fractional ownership of the underlying asset, can be traded seamlessly, unlocking liquidity and enabling fractional investment in real estate properties. Asset tokenisation democratises access to real estate markets, empowers investors, and enhances market efficiency.

Montenegro, the Cayman Islands, and France

Blockchain technology is gaining traction with realtors in Montenegro and the Cayman Islands as governments and real estate stakeholders recognise its potential. By digitising property records on blockchain, Montenegro aims to reduce bureaucracy and attract international investors. The real estate sector in Montenegro is experiencing multimillion-dollar purchases made by affluent foreigners using digital currencies. In this country, where cryptoasset transactions are currently less regulated, the government is perceived as supportive of digital assets, further facilitating such transactions.

Similarly, realtors in the Cayman Islands are exploring blockchain solutions for real estate transactions and property management. Bitcoin banking firms registered with the Cayman Islands Monetary Authority offer BTC holders the opportunity to use their digital assets as collateral for loans aimed at real estate investment on the islands. This presents an interesting solution for potential new residents seeking citizenship, as investments exceeding $2.4 million in Cayman Islands real estate can qualify buyers for permanent residency. Some firms in the Cayman Islands now provide cryptoasset-backed loans as a means of financing purchases.

Closer to home, European real estate companies are also integrating cryptoasset payments into their operations. One agency in France is incentivising customers to use cryptoassets via a loyalty points system to receive "cashback"-type bonuses and to enjoy exclusive dining experiences. It is clear that by accepting digital currency as a form of payment for property transactions, many are tapping into the growing demand for digital currencies and catering to investors seeking innovative payment options.

Blockchain technology has much to offer real estate agencies, including faster transactions, fractional ownership opportunities, and streamlined property management processes. With more buyers than ever seeking cryptoasset payment solutions for high-end property purchases, real estate agents who want to stand out in this highly competitive industry will need to implement blockchain solutions soon. 

At XEROF, we offer a range of services, including efficient settlement solutions for real estate agencies and XEROF Pay for merchants. Users can conveniently trade, exchange, and securely store their cryptoasset assets using segregated on-chain wallets provided by the platform. Our on-ramp and off-ramp services are designed to cater to high-net-worth individuals (HNWIs), wealth managers, and real estate agencies seeking a regulated and secure exchange. If you are a real estate company searching for a reliable cryptoasset to fiat payment solution, contact us to arrange a meeting.

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XEROF is a Swiss-licensed Crypto Gateway that offers exchange services for customers who possess crypto wallets and want to use them as fiat currency to purchase real estate properties and luxury goods.

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