Cryptocurrencies creep into Turkish, Greek real estate deals

Cryptocurrencies creep into Turkish, Greek real estate deals

A growing number of real estate players in Turkey and Greece are signalling that they are open to accepting cryptocurrency as payment for their assets.

Although the number of potential deals in cryptocurrency, such as Bitcoin, is limited to just a few, the digital currency is making initial steps in the region, in line with trends seen in the United States.

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Earlier this week, Turkish real estate agent Antalya Homes announced that in 2018 it completed the sale of nine real estate assets using Bitcoin. The agency said that those interested in paying for a home with a cryptocurrency can do so on deals starting from 30,000 euros.

"Payment with cryptocurrency enables a more reliable and faster transaction performance such as money transfer between bank accounts without any exchange loss," said Bayram Tekce, chairman of Antalya Homes.

Cryptocurrency has been gaining fans in Turkey fast in recent years as its economy struggles with high inflation rates and a volatile Turkish lira.

In Greece, digital money has yet to make a mark but a 9,000 square meter property on the island of Limnos, was put up for sale on late last year. It can be bought using Bitcoin, Ethereum, Litecoin, Zcash and Euro fiat.

Another two properties from Greece, in Crete and Kythira, have also been put for sale on the site though details of the assets are sketchy.

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