Propy Completed First Blockchain Property Transfer in EU Market
Propy, the global real estate platform, today announced the first ever blockchain-powered property sale in the European Union. The sale, in Seville, Spain – one of Europe’s hottest real estate markets – marks Propy’s official introduction to the EU territory. Both the Spanish seller and French buyer used cryptocurrency (ETH-ETH) to transfer property ownership via Propy’s transaction platform.
“Blockchain technology continues to revolutionize the way people buy and sell properties across borders,” said Natalia Karayaneva, CEO of Propy. “The EU market can be a complex web of governments, brokers, and other entities making international property transactions difficult. Propy’s blockchain-enabled platform removes complexity resulting in a simple online transaction that is easy to complete and secure.”
Until now, real estate investment has been a tedious process. Purchasing property across borders involves buyers and sellers from different tax and regulatory jurisdictions. The traditional process is not only complicated and expensive but also vulnerable to fraud. Propy’s platform simplifies the complex process and works within existing legal frameworks. All parties participating in the transaction have mutual trust because of immutable encrypted records on blockchain.
All of this helps to fuel a thriving real estate market in the EU, which continues to get increased attention from US and Chinese investors. Typically, they look for sea-view villas at around US$200,000. Now, those investors can browse and purchase remotely online. The platform recommends the property to be visited in person but execute the purchase online. Propy’s blockchain-enabled platform also reduces the need for costly intermediaries like escrow services. Plus, there is no need to print or scan any paperwork or visit banks, brokers or lawyers in person. When a transaction is performed, a notary logs into the Propy transaction platform and verifies the seller’s signature. At this point the ownership transfer is recorded both on the blockchain registry and state land registry.
“I am very happy with the outcome of the sale,” said Miguel Prados Rodriguez, the seller of the property. “Propy made the entire process simpler than it would have been through a traditional sale. Their platform is user-friendly and gave me the peace of mind I needed to know the entire transaction was safe.”
The deal turned out to be a great success for all parties involved, showing once again the great potential of the blockchain technology. As a result, there is already another blockchain-powered property sale scheduled for upcoming months in Spain.
For Propy, this transaction marks an important milestone. The company has already facilitated cross-border sales in the US and Eastern Europe. Today’s announcement provides further proof that blockchain-enabled real estate transactions are legally compliant, automated, safe, and convenient. This helps both consumers and governments streamline complicated real estate transactions.