Oslo Propiedades sold a property still under construction that was paid entirely in bitcoin.
One of its founders said that “the operation was super-simple,” but demand is still low.
The Argentine real estate company Oslo Propiedades has made its first sale in cryptocurrencies, more precisely in bitcoin (BTC) of an apartment “from the wellhead”, that is, still under construction. It is an office of 150 square meters in the neighborhood of Palermo, in the city of Buenos Aires, which will be ready by June 2023.
The buyer of the property paid the full value in BTC, according to Patricio Rozenblum, co-founder of Oslo Propiedades, confirmed to CryptoNews. The exchange SatoshiTango
assisted the real estate company in settling the transaction.
On the details of the transaction, Rozenblum assured that it was “super-simple.” What made the deal easier was the fact that there were no fees to be paid in the future, as that “would have been difficult with a volatile cryptocurrency,” he said, and they should have resorted to a stablecoin
Beyond this operation with bitcoin, Oslo Properties allows “to pay with any cryptocurrency that can be exchanged on the exchange”, that is, SatoshiTango. These are bitcoin, bitcoin cash (BCH), ether (ETH), litecoin (LTC), XRP, cardano (ADA), dogecoin (DOGE), DAI, USD Coin (USDC).
he stressed that it all depends on whether the seller (which can be the real estate itself or a third party) accepts cryptocurrencies or not.
This is the building in Palermo where the office paid with bitcoin will be built. Source: Oslo Propiedades.
“It always depends on the will of the seller,” he explained. However, he also clarified that this can be solved by exchanging the cryptocurrencies delivered by the buyer for dollars on the exchange and paying the buyer in that currency.
A demand still low, but with a future
Asked about the interest of customers in cryptocurrency payments, Rozenblum told this newspaper that this “is still a rarity. Despite the fact that demand is not high, the businessman considered that cryptocurrencies represent “a spectacular solution” to cash transactions, which often involve mobilizing a lot of money and end up hindering business.
In addition, the businessman was optimistic about the future of cryptoassets in this area, although he assessed that a regulatory framework is still missing, mainly for administrative issues. As for the mentioned transaction, it was classified as an exchange of assets, as cryptocurrencies are currently considered in Argentina.
es and cryptocurrencies in Argentina
The modality of acquiring properties “from the wellhead” is used in Argentina as an investment method to protect against inflation. Another name for this system is “future functional unit”.
Basically, it consists of paying a down payment and subsequent installments (which may extend over several years) for a property that has not yet been built. At the end of the work, the owner has it to live in, rent or manage it as he/she prefers.
This is not the first time that cryptocurrencies have made their presence felt in Argentina’s real estate market. As reported by CriptoNoticias, several e-commerce platforms already show offers of properties that can be purchased by paying with bitcoin or stablecoins, both through real estate agencies and through individuals.