The small former Yugoslavian republic appears to be setting the trend in the acceptance of Bitcoin as a payment method for the real estate industry in Montenegro. In fact, three apartments located in the region of Budva recently sold for 420 BTC or around $3.2 million. These luxury apartments are located in the coastal area just off the Adriatic Sea and are in a region that is well known for its tourism.
Additionally, the apartments which are located in the prestigious Dukley Gardens development also have a hotel and marina located close by. The Dukley Hotel, Beach Lounge, and Dukley Marina also accept Bitcoin as a means of payment, further underlining Montenegro’s advanced stance towards cryptocurrency adoption. The transaction was carried out by the Astra Montenegro Investment association through its notary office and has been hailed as an important step forward in promoting the real estate industry in Montenegro as a crypto-friendly market destination.
AMIA Executive Nila Emilfarba explained that the sale was the biggest in the country so far with his company doing its utmost to convince merchants in Budva to accept cryptocurrencies for purposes besides purchasing real estate.
“Our company, unlike many who are unsure about the cryptocurrency field, is the first in the region that started selling real estate for the cryptocurrencies. We acquired brand new clientele — In the world, and especially in Europe, there is only a limited number of real estate that can be bought with BTC”.
According to one of the customers who was a 25-year-old French citizen, the settlement process was far quicker than traditional real estate transactions. The sale was witnessed by the Budva Notary, Pantovic Law office representatives, and lawyers from the firm Prelevic Law. The funds were then converted to euros after all relevant documentation was signed.
There has been a growing trend in the purchase of real estate through cryptocurrency since early 2017 when cryptocurrencies reached all-time highs towards the end of the year. Transactions have taken place all over the world in places like Miami, Amsterdam, Dubai, and Manhattan among others. With this new development, and these successful apartment sales sold for the cryptocurrency, Montenegro appears to be putting itself on the map in the crypto world.
Article by Jay Rosen