In a short answer to the question, you would better know that yes, you can buy property in Turkey with cryptocurrency. One of the first generations of digital currency has been bitcoin, which was introduced as a well-known cryptocurrency.
One question that may pop into your mind is, what is the beneficiary of paying fees with Bitcoin or other types of cryptocurrency?
The main advantage of paying fees with cryptocurrency is that you will be able to pay for services and goods from any corner of the world in no time without needing any intermediary system, such as a bank or exchange. In other words, Bitcoin has an international currency function.
Although Bitcoin decreases your limitations, such as time, place, and payment amount, governments can not control and dictate Bitcoin’s financial and trade policy. In other words, governments have no power to interfere in Bitcoin flow.
Therefore Bitcoin is not accepted as a legal currency so far by governments. The decentralization feature of Bitcoin prepares a money network out of central authority interference. Decentralization characteristic of Bitcoin results in peer-to-peer or person-to-person transactions without any intermediaries between parties.
In this article CityRealtyTurkey aims to answer every question about buying property with cryptocurrency.
Buying Real Estate with Cryptocurrency
Buying real estate with bitcoin occurs nowadays, although it may be contended for some unacceptable reasons. On the other hand, columnists are clamoring and energizing for the new currency.
But in reality, most sellers and vendors use the money for advertising their property and selling. However, a few superhouses are hitting the bitcoin market. This pattern will be proceeding and making news, but the pattern is not revealed yet.
Is there any opportunity for the property market with bitcoin? Most young generations prefer bitcoin over established ones. Also, renting with bitcoin is less than buying. In the future, paying leases will be a pervasive reality and will prompt us to do more deals with them.
Can You Buy Property with Bitcoin in Turkey?
In 2013 the Turkish government and the Turkish Banking Supervisor declared that bitcoin activities are legal. After That, Bitcoin and other virtual digital are used in purchasing properties in Turkey.
Due to expansion and facilities, digital currency payments from now on, all buyers can purchase property with Bitcoin or other valid digital currency in the market.
You may be shocked if you realize buying properties in Turkey with cryptocurrency is rising conspicuously. Ongoing rising demand for buying real estate in Turkey leads to the establishment of a cryptocurrency ATM at Ataturk Airport, the 14th busiest airport in the world.
The digital currency trend is significantly alluring to young investors seeking to buy real estate with crypto in Turkey. The digital currency value is unstable and constantly changing; therefore, the payment valuation will be calculated based on the daily value of cryptocurrency as opposed to the dollar or lira.
For more than 11 years since the digital currency was established, buying property in Turkey with bitcoin or other accepted digital currency has not encountered any difficulties. After transferring the digital account, the document is sent to the buyer in no time, on the same day and without delay.
Growth of Buying Property with Digital Currency in Turkey
Due to the growing digital currency, for instance, Bitcoin, during previous years, most real estate agencies are reluctant to buy and sell properties in Turkey with cryptocurrency.
To facilitate the payment and immediate transferring of funds, also to deliver documents to buyers within minutes without needing cash and checks, the Turkish land registry has established a system for transferring real estate contracts.
More than this, some real estate firms in Turkey are selling some of their properties in exchange for Bitcoin. With the help of this system, accuracy and clarification of the transaction are increased since the payment is done through a digital system, confirmed and approved by two parties immediately.
Is It Secure to Buy Property in Turkey With Cryptocurrency?
According to the news, since Turkish citizens are demonstrating interest in buying and selling real estate with Bitcoin in Turkey, this kind of digital currency is used and accepted in real estate transactions more than before.
Successful establishment of buying Property in Turkey with cryptocurrency such
Bitcoin brings a vigorous international real estate market to Turkey .Lots of European and American citizens are into buying and selling real estate with cryptocurrency in Turkey eagerly.
Economists believe cryptocurrency and bitcoin are part of the global market, and this new phenomenon in the transaction system must not be ignored. Bitcoin infrastructure is a crucial advantage for Turkish investors, particularly real estate investors, and catches their interest.
Decentralizing digital currency codes and eliminating intermediaries are the most positive points of digital currency, making investors eager to do transactions with digital currencies.
Before buying real estate with crypto in Turkey, it would be better to apply for residency permits. It is possible to obtain a Turkish passport if you buy 400000 dollar property in Turkey With Cryptocurrency.
According to Bitcoin News, you do not need to have a visa in case you have a Turkish passport. Due to the crisis, the Turkish real estate website declared that using Bitcoin, Atrium, and Ripple are elevated in real estate transactions.
The Boom of Digital Currencies in Turkey
Based on valid documents and reports, the use of cryptocurrency in Turkey is rising for several reasons. These reasons are high inflation, currency problems, and the absence of robust banking.
On the other hand, digital currency has an easy and rapid international transferring ability. Therefore most administration among nations will be situated in this business sector.
The other reason for global rising digital currency utilization is extracting different types of cryptocurrencies with graphics cards; thus, many developing or recently industrialized countries are not struggling with the restriction of Mastercards charges or admittance anymore.
How to Buy Property in Turkey Using Cryptocurrency?
There are some options to buy property in Turkey with cryptocurrency. Stick reading to find out.
Convert Cryptocurrency to Cash
The simplest way to buy property in Turkey with cryptocurrency is using the BitPay service. It helps you sell your cryptocurrency for the daily value of money, such as dollars, euros, and lira. They use the money to purchase real estate in Turkey.
The main point is that you must keep many in your account for at least two months before buying a property. Otherwise, depositing that large amount of money will be flagged by the IRS.
Borrow Against Cryptocurrency
Some companies like Nexo make it possible to use cryptocurrency as collateral and give loans with fiat money. It would be better to consider the interest rate is higher than a typical loan, around 8% or more.
Note that your account may be flagged by the IRS when a huge chunk of money appears in your account.
Transfer Cryptocurrency to Seller Directly
Sometimes it is challenging to find sellers reluctant to get cryptocurrency as the property’s value. But others are warmed up by cryptocurrency offerings. Some property sellers are looking for digital currency. Therefore offering cryptocurrency may push your offer to the front pack.
What Are the Actual Benefits if You Buy Property in Turkey with Cryptocurrency?
The pros and cons of buying property in Turkey with cryptocurrency widely depend on the method you choose to use cryptocurrency. However, the writer brings some benefits of buying property in Turkey with cryptocurrency.
Converting less stable assets into more stable ones. As you know, cryptocurrency value fluctuates monthly, even weekly and daily. Opposite to cryptocurrency, property value changes slightly and constantly for a long time.
Transferring cryptocurrency is faster than traditional methods. Direct cryptocurrency transferring cuts done paper works and other hassles related to mortgage-founded home sales.
Moreover, you can get a good deal.
Some sellers are warmed up with cryptocurrency offers, looking for digital currency to pad their digital accounts. If you offer cryptocurrency as property payment, sellers will be willing to offer the property with a significant discount.
Direct and Unmediated Exchange
Cryptocurrency exchange occurs between two parties, and there is not any other mediator as a third party. Therefore you do not need to pay a commission. Just digital transfer value is deduced in the Chinese blockchain as a digital transferring fee.
International Transactions
Bitcoin is the most simple and direct approach to global exchange. The advantage of doing exchanges with bitcoin is you do not have to pay additional expenses to the beneficiary for various added. You can move more than 1000000 dollars with a fair fee.
Turkish Government Stance on Bitcoin
In 2013 the Turkish government and Turkish Banking Supervision Authority announced digital currency activities such as bitcoin and other virtual currencies are legal. Today bitcoin is used for buying property in Turkey.
Do Turkish Banks Support Cryptocurrencies?
Most Turkish banks support cryptocurrency. What you need is
Opening a bank account in one of the bank branches as a foreigner. Acquiring Turkish citizenship or residency would be helpful before opening a bank account.
In this case, it does not matter which bank you choose to open the account. You have permission to withdraw 1000 lira per day. You must pay 1% of transferring cryptocurrency to the bank account as a transferring fee, which is deducted instantly.
Papara Bank
Papara bank is a financial innovation offered by the Turkish financial framework. It ought to be noted Paparo Bank is pulling millions of Turkish citizens’ consideration from Turkish citizens as unfamiliar customers due to its straightforward strategy and swift cash flow speed.
Paper bank interfaces your bank record; then, you can get cash from the ATM whenever you want for 24 hours. These days Paparo bank has the most deducted cash move rate compared to other banks in Turkey.
Binance Turkey
Binance Turkey is a Cryptocurrency buying and selling platform. With the help of this Platform, the Users buy or sell Cryptocurrencies to each other by bidding or underbidding. Finance Turkey mediates this transaction via the Site.
Btcturk
Btcturk is an abbreviation for Bitcoin and Cryptocurrency Trading Turkey. It is the fourth worldwide bitcoin platform, founded in July 2013.
Paribo
Paribo was founded by a software team under Yasin Oral leadership and started working on the twenty-fourth of February 2017. Paris bombed in the market in a short time. These days, Paribo serves more than 600000 users in digital currency, particularly Bitcoin.
Last words
The world is moving quickly towards digitization, so if you are also interested in buying property in Turkey wıth cryptocurrencies, you can contact CityRealtyTurkey and buy a properties such as buying property for sale in Istanbul, one of the most important metropolises in Turkey. We are here to answer your questions and help you to make a good investment.