Turkey has quickly risen as a popular target for the cryptocurrency industry. Fueled by growing inflation, Turkey’s residents have been seeking alternatives to fiat and this has led to greater adoption of crypto assets and a number of industry companies descending on the country. As the transition from fiat to crypto continues, a major real estate company has embraced the future and began accepting coins such as Bitcoin Core (BTC) last year. The decision has proven to be a smart one.
Antalya Homes is one of the largest real estate firms in Turkey. It announced last year that would begin to allow its clients to pay for real estate purchases using their crypto assets and, so far has sold nine properties for BTC.
The company’s chairman, Bayram Tekce, said that the company began accepting crypto payments because they are more secure and don’t incur deductions that are associated with the country’s volatile currency exchange rates. He adds, “Payment with cryptocurrency enables a more reliable and faster transaction performance such as money transfer between bank accounts without any exchange loss.”
The total amount processed through crypto wasn’t provided, but some logical conclusions can be reached. On average, homes sell for around $34,000—give or take a few thousand—and, with nine homes sold, the total would be approximately $306,000.
In addition to offering a more secure, cheaper and easier form of payment, completing a real estate transaction with crypto offers another benefit. Antalya Homes promises that the deed to the property will be delivered the same day that it receives the crypto payment in its wallet. Typically, real estate transactions can take days, sometimes weeks, to be completed.
If someone doesn’t want to use all of their crypto assets and pay for part of the purchase in fiat, that isn’t a problem, either. Antalya Homes offers that convenience, giving real estate investors a great deal of flexibility.
Antalya Homes isn’t the first international real estate firm to accept crypto—Westbury Investments began allowing its clients to pay with digital assets in May of last year. However, given the low cost of homes and the ease with which payments can be made in Turkey, and the immediate turnaround of deed assignments, Turkey’s market is prime for crypto enthusiasts.
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