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INDUSTRY TRENDS
Future of real estate: How cryptocurrency will impact market transaction
With cryptocurrency, it is going to be a new world for real estate, especially in market transactions. It is expected that cryptocurrency, in time to come, will play a key role and will ultimately shape the real estate market landscape globally and locally.
When cryptocurrency becomes an alternative as well as the means of exchange as opposed to the use of fiat currency, the Naira, it will become possible for properties to be listed with their cryptocurrency values and their Naira equivalent.
Consequently, the ease at which properties could be bought and rents paid, using cryptocurrency, would be enhanced. This may further straighten the legitimacy of cryptocurrency and facilitate its usability as we tend to move from cash-based to electronic financial transactions. This will finally implant cryptocurrency into the real estate sector.
When cryptocurrency is fully integrated as a payment option in real estate transactions, it is most likely that the growth in some other sectors of the economy such as banking, finance, information technology, agriculture, etc. will be impacted on a positive direction.
It is envisaged that the possibility of multiple acquisition of interest/ownership of large real estate facilities will become feasible. High-value real estate properties will be offered for sale in cryptocurrency on multiple-acquisition/ownership basis to prospective buyers, who would acquire portions, depending on their financial capabilities. In order to perfect the transactions, pre-determined smart contracts will be executed online by parties to the transactions.
Control parameters for verification and measurement will be required. This will enhance upkeep of records of all real estate transactions, verification and scrutinizing of prospective buyers, sellers and other stakeholders, verification of property rights and detection of possible fraud, etc.
Estate Surveyors and Valuers are well-positioned to provide professional services and guidance in all the aforementioned areas, irrespective of the type of transaction involved—cryptocurrency or fiat money.
It is, therefore, pertinent to brace up for these upcoming opportunities. It might seem hindered or delayed for now, but one thing that is certain is the fact that at the appointed time, it will come to manifestation.
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