Travel bans that started with Covid-19 epidemic, forced the integration of technology and innovation in real estate sector. Visiting the properties through virtual tours and making transactions online have become the new normal. Moreover, use of cryptocurrencies in property purchases has become widespread.
Bitcoin Halving Boosts Property Sales
After reaching its second peak at $ 13,700 in June 2019, Bitcoin had fallen to $ 4,980 in mid-March 2020. The 3rd Halving that all cryptocurrency enthusiasts are eagerly awaiting, took place on 11 May 2020. With halving, as an attempt to create a supply balance in the market, Bitcoin's production speed is slowed down, and it is expected to be valued further as an investment tool. In the first week after halving, the Bitcoin value rose again to $ 10,000.
Bayram Tekce, Chairman of Antalya Homes, the leading real estate company in Turkey, has commented on new developments in the sector. He stated that the property sales with Bitcoin have accelerated and added: "With the effect of the increase in Bitcoin value after halving, investors made capitalization sales that are reflected as an increase in property sales."
Bayram Tekce, drew attention to the innovation in real estate, known as PropTech (Property Technology) and referred to a recent house sale; "In the sale of a villa in Antalya, we recorded visuals of the house with a drone and did an online viewing tour with the customer. Then, we brought the buyer and the seller together on an online meeting and finalized the negotiations. Antalya Homes brokered the payments with Bitcoin. This sale, worth of 1 million 250 thousand dollars, was the highest valued property sales ever made by Bitcoin in Turkey"
Bayram Tekce stated that Bitcoin can be converted into a property, but few real estate companies are able to do this. He said, "The Covid-19 pandemic is changing the whole life and way of doing business. It is important to keep up with the changing dynamics. Having the innovation as a corporate value, we continue to be the pioneer in the field of PropTech."
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