Two real-estate projects have been sold in Portugal for cryptocurrency worth more than £3m, marking a European first.
International property developer Prometheus revealed that it had secured an agreement in August to sell two luxury houses in Madeira for Cardano cryptocurrency equating to €4.1m (c.£3.4m).
The sale makes it the first and most expensive luxury real estate purchase in Portugal since the start of the blockchain revolution.
Prometheus has developed new protocols that enable integration of this new area of markets with its domestic KYC (know your customer) requirements to conclude the transaction in Euros prior to registration, and make it compliant with European laws.
The property ownership will also be available as a NFT (Non-Fungible-Token), allowing future owners to resell the properties at the click of a button via Blockchain tech.
Prometheus says its legal team will ensure the property transfers and title deed registrations are initially enacted according to the local laws, until such a time that local governments adopt blockchain technology into their processes.
‘The Royal Blockhouse’
Prometheus is developing a “revolutionary” project called ‘The Royal Blockhouse’ in conjunction with some of Europe’s biggest blockchain influencers.
This combines two aspects of the blockchain revolution: NFTs and blockchain infrastructure, a first of its kind in the world of real estate.
The Royal Blockhouse will be a collection of international luxury villas, designed by Prometheus and Scandinavian and Portuguese architects.
According to Prometheus, these will be deployed in idyllic locations worldwide, setting a new standard within the international property development space for permanent luxury real estate.
The villas will be fully operational on the blockchain, from smart home features, licensing, royalties, and rents.
Investors will be able to crowd-purchase luxury properties and earn rental income, by owning the tokens that represent a share of a property.
This will provide the ability to tap into rental revenue streams without needing to purchase the underlying asset at a full price, says Prometheus.
Prometheus currently centres its Portuguese activity in the Madeira archipelago, defining itself as a company whose mission is to “ensure the construction of the highest quality luxury properties, integrating innovation, smart technology and superior products to create the most beautiful properties on the planet”.
The company currently has five luxury real estate projects in Madeira, with more in development.
These have “a level of execution and finishing unparalleled in the region”, says Prometheus’s CEO.
The Aurora and Interstellar projects in Calheta, and the Saudade project in Ponta do Sol, are scheduled for delivery in 2022, at a combined value of over €15m.
Prometheus says it has multiple interested buyers, and two villas within these projects have been sold before completion.
Two more projects in the region of Calheta, Valhalla, are under development, along with The Royal BlockHouse set for deployment across Portugal.
Prometheus accepts payment in conventional currency.
Despite the first two properties having been transacted in Cardano, the company accepts any type of crypto or traditional fiat.
Image: Villa Saudade, one of the properties sold. Credit: Prometheus International
Are you a building professional? Sign up for a FREE MEMBERSHIP to upload news stories, post job vacancies, and connect with colleagues on our secure social feed.