Auction house Christie’s has announced the launch of a new division that allows cryptocurrency to be used for real estate purchases, simplifying transactions for clients who prefer to avoid banks.
Launch of New Division
Christie’s International Real Estate now offers a team of cryptocurrency experts, lawyers, and analysts to facilitate transactions where both parties opt for cryptocurrency as payment. CEO Aaron Kirman stated that the service was initiated after several successful crypto-related real estate sales, including a noteworthy deal for a $65 million house in Beverly Hills purchased with Bitcoin.
Growing Interest in Real Estate Transactions with Cryptocurrency
Kirman emphasized that while real estate purchases via cryptocurrency are still rare, the interest is rising among affluent clients seeking to ensure anonymity in their purchases. The tradition of buying property through companies or trusts to minimize transaction visibility has become common among high-profile clients.
Future of Cryptocurrency in Mortgages
Kirman is also in discussions with banks about accepting cryptocurrency for mortgage transactions and speculated that in the future, cryptocurrency could represent over a third of all residential real estate deals. The Federal Housing Finance Agency recently held discussions on how to consider cryptocurrency in risk assessments for mortgage loans.
The introduction of Christie’s real estate cryptocurrency services indicates a growing acceptance of digital currencies in the real estate sector, opening up new opportunities for wealthy investors seeking anonymity and innovative transaction methods.
