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Cryptocurrency and Property

Buying and selling cryptocurrency has become one of the most popular ways to pay for items. Buying and selling crypto is a job in itself and takes a lot of patience. 

 Property and Crypto  

There is an increasing demand for payment with crypto money in real estate. Furthermore, research suggests there is an increase in the demand for payment with crypto during house sales for many countries from the USA to Russia and Europe.  

The Central Bank's regulation banning the use of cryptocurrencies in payments came into effect in April. However, the legislative work that will strengthen the control in the buying and selling of cryptocurrencies is expected to be submitted to the Parliament in October. Foreign investors, who cannot benefit from bank loans or who have problems with money transfer, should take into consideration that there are demands for payment with crypto.  

As the lending rate increases, foreign investors increased  

It has been noted that the increase in the rate of lending by banks and financial institutions to foreign real estate buyers directly affected the increase in investments. It has been said that Turkish banks have difficulties in making risk ratings but foreigners are quite successful in repaying loans. For this reason, we believe that financial institutions can give loans without hesitation.  

Countries like Algeria, Pakistan, Morocco demand convenience in money transfer 

The buyers that are considered investors from countries such as Algeria, Pakistan and Morocco, are also suggesting that cryptocurrency is a positive move forward. Transferring money can be an issue and this means foreign investors stop investing in our country. As a solution to the cash transfer problem, the completion of the legal infrastructure of shopping with crypto money as soon as possible is of great importance in not losing these markets. Even if we consider that the possibility of paying with crypto will increase the sales of residences to foreigners by at least 20 percent, this corresponds to a very large number. Considering that the pandemic conditions continue, the importance of attracting investments to our country with crypto money becomes even more evident. 

We are losing the customer whose request for payment with cryptocurrencies was rejected 

Noting that there is a demand for payment with crypto from Americans and Russians research states that there is a segment of investment programs all over the world, especially among Russian and US citizens, who invest in crypto money and get rich. They want to buy real estate in Turkey using crypto money. This method provides mobility in the transfer of money. This makes investment decisions easier. When the correct groundwork has been completed using crypto currency to purchase property will put Turkey into a fantastic financial position compared to other countries.  

At Summerhomes we can help with financial questions and translations so please don’t hesitate to consult us.