An oceanfront penthouse in Miami Beach’s trendy Surfside neighborhood has become the largest real estate transaction paid for in cryptocurrency to date. The sale, which cost US$ 22.5 million, took place at the end of May. Both the name of the buyer and the digital currency used were not disclosed. However, the news was reported on various media channels as a milestone for the real estate market.
The transaction took place quite quickly – the developer had announced, less than two weeks before the completion of the deal, that it would accept cryptoassets as a means of payment.
“This precedent shows the potential of cryptocurrencies and how fast changes in the economy are happening. We are proud to have laid the groundwork for this new possibility”, said the sales officer in a statement to Business Insider.
According to the report, some brokerages are hiring cryptoassets specialists to enable new business involving digital currencies. Some companies are specializing in training real estate agents to work with “crypto clients”, such as the startup Propy. The trend is even reaching rentals. Caruso, one of the largest real estate developers in Los Angeles, is an example of a company that has put the novelty into practice.
Property is a way to preserve capital in the long run
The 5.067-square-foot penthouse (equivalent to just over 470 square feet) is located on the 9th floor of a 12-story building and includes four bedrooms and four bathrooms. The highlight of the property is a balcony of 2.960 square feet overlooking the sea.
For those responsible for the deal, real estate investments are traditionally considered a safe strategy to preserve capital in the long term. “Thus, we figured that the new millionaires and billionaires of the cryptocurrency market shared the same thinking,” the company said.
There are already other properties targeted at this audience, with the possibility of trading in cryptocurrencies, such as the most expensive penthouse of London, in One Hyde Park, advertised for US$ 244 million.