A small section of Spaniards is slowly seeking to turn its backs on fiat in favor of crypto for real estate transactions – with the owner of a parking space in A Coruña, a city in the Spanish province of Galicia – the latest to seek a bitcoin (BTC)-powered sale.
The space, in an underground parking lot beneath the central Hotel Riazor, is just 12sqm in size, but its owner, named Nacho, stated that he will only part with it if he receives a bid of BTC 1 for it.
Nacho took to Idealista (however, the ad is not active now), the country’s biggest real estate listings portal, where he listed the sale price in euros, the only currency accepted on the platform. But despite the price tag, which he listed at 18,000 euros (USD 21,700), in the description, he explained that he would only trade in the space for BTC 1. At the time of writing, BTC is trading for around USD 54,000 – more than double Nacho’s posting price.
If he’s still selling this property, Bitcoin whales hoping to snap up a prime piece of A Coruña real estate might be dismayed to read that the sale only grants the vendor a leasehold, rather than a freehold, for the parking space: The lot’s concession expires in 2043.
Perhaps would-be buyers will be swayed by the high level of security offered in the parking lot: Nacho specified that the space is under the surveillance of CCTV cameras and with security staff on standby nearby. Oh, and there’s a nearby elevator, too.
Speaking to El Español, Nacho stated that he lived in the Netherlands and he had been inspired by a recent sale in the country of a house for BTC 21.
But there is a fiat twist: It appears Nacho has not found a way to legally sell his parking space without dragging the euro into proceedings – presumably due to the fact that the Spanish state does not legally recognize crypto as having any legal or financial value.
“I like the world of cryptocurrencies. I learned a bit about and [a crypto sale] is possible. The idea is to agree on a day and a time to finalize the sale.”
On D-day at zero hour, Nacho and the buyer would have to conclude a fiat transaction for the price of bitcoin at that exact moment.
“We would complete the paperwork with a notary. And far as the Treasury is concerned, it would be a normal monetary transaction,” he added.
A sudden BTC crash could leave Nacho out of pocket, he conceded, concluding:
“If prices sank and a bitcoin was worth [USD 120], I would still have to sell the parking space for that price. I think there has never been a sale of a real estate in A Coruña making use of cryptocurrencies.”
Unfortunately, Nacho and his parking space will not make the national history books. The owner of an apartment in central Barcelona became the first ever to post a BTC price on a for-sale property back in February this year, while the country’s first tokenized property sale saw buyers from as far afield as Latin America buy a stake in a Seville apartment.
Experts have also stated that a small but growing number of property buyers and sellers in the country are developing an interest in crypto-based deals.