Prometheus International, a high-end real estate developer, sold Cardano two luxurious residences on the island of Madeira for €4.1 million ($4.7 million).
Madeira is a Portuguese autonomous area made up of four islands located about 430 miles off the northwest coast of Africa. It is a tourism destination for those who enjoy beaches and nature because of its moderate climate and unique vegetation.
Priyesh Patel, the CEO of Prometheus, said the company opted to accept cryptocurrencies to appeal to a wider audience.
“We positioned ourselves to be attractive to all markets and the current revolution is the cryptocurrency.”
Buying a home with digital assets is becoming more prevalent as cryptocurrencies rise in popularity. This is great news for early investors, who will reap huge rewards when the consequences of widespread adoption take hold.
Cardano for luxury property
The two luxury homes were Cardano’s first to sell in the area. The deal was also the country’s largest crypto property sale to date, according to Portuguese news outlet Sapo.
“most expensive luxury real estate acquisition in Portugal since the blockchain revolution.”
According to Sapo, the anonymous customer purchased ADA for $0.06. This may have happened in September 2018, but the price has dropped to this level several times since then.
He sold at $3 in August this year after holding throughout the weak market, generating a 4,900 percent return on his investment.
As an early investment, Patel believes the buyer was essential in creating the Cardano environment. Patel further hinted that the buyer is still holding a sizable bag and intends to acquire more property once ADA reaches $5.
“His investment grew exponentially as he pioneered the usefulness of Cardano before it became popular. He still believes he will reach $5 next year and, in that case, he will invest even more in Portugal.”
Real estate is a relatively untapped market for crypto
More property owners are accepting cryptocurrency as payment these days, according to Adam Redolfi, the Managing Partner at real estate firm Barnes International.
Furthermore, Redolfi believes that in the future, there will be more synergy between crypto and real estate, and not just in terms of payment.
“I predict that blockchain-integrated real estate will be implemented on a whole new level beyond payments in a digital currency.”
He specifically highlights the importance of decreasing inefficiencies and streamlining data transmission at every level of the sales process.
“We can consider blockchain a tool to visualize the status of properties and deeds, granting full access to the history of the property or land. It can be consulted at any time and without limit by banks, real estate agencies, buyers and sellers.”
Smart contracts are also important. Smart contracts can safeguard information and automate transactions without the involvement of third parties by replacing paper contracts.
This degree of integration, according to Redolfi, is still a ways off, but he believes we’re well on our way.
