Turkish property market embraces cryptocurrencies

Turkish property agency Spot Blue International Property has revealed that the country is emerging as an unlikely champion of cryptocurrencies, with its real estate market proving especially open to blockchain-based transactions.

The agency says it one of the first in Turkey to make property in the popular resort of Kusadasi available to bitcoin investors. The firm is promoting off-plan and key-ready property across seven developments in Kusadasi, with prices ranging from £59,500 for two-bedroom apartments to £159,500 for triplex villas.

Buyers, however, can choose to purchase in bitcoin or another cryptocurrency if they wish, with the price fixed according to the exchange values at an ‘agreed time of settlement’.

Julian Walker, director at Spot Blue International Property, said: “Instead of shying away from cryptocurrencies, many people in Turkey are embracing the technology and offering them as an option to today’s increasingly sophisticated investors, which include local Turks as much as foreigners.”

He added: “Turkey has always been a versatile market in terms of currency, with dollars, euros and pounds being used regularly for real estate transactions, in addition to Turkish Lira – in essence, bitcoin is just another currency. Kusadasi, a popular tourist destination with its large marina and cruise port, is one of very few resorts with developments where we can offer this payment option.”

Turkey was one of the earliest adopters of the blockchain payment concept and Istanbul’s Atatürk Airport is home to the second ever bitcoin ATM. In fact, Turkey is currently considering the introduction of its own national cryptocurrency, which would mirror Venezuela’s ‘the petro’.

Towards the start of 2018, a government report suggested the launch of ‘Turkcoin’, a currency regulated by the state and backed by Turkey’s sovereign wealth fund. It would incorporate Turkish Airlines, the Istanbul Stock Exchange and Turk Telecom.

As things stand, Turkey already has at least two Lira-cryptocurrency exchanges, including Koinim and BTCTurk.

“It's notable too that Turkey was involved in the first ever freight deal settled in bitcoin in January 2018, which occurred as part of a recent pilot scheme when a shipment of wheat from Russia was landed at the Turkish port of Samsun,” Walker continued.

“The obvious benefits of cryptocurrency as a cross-border payment system are as applicable to international property-investors as they are to pan-continental commodity traders. Meanwhile, last month an amateur Turkish football side claimed to be the first team to pay for a player with a cryptocurrency!”