AN Prometheus International sold two luxury homes on the island of Madeira for 4.1 million euros. The properties were paid for in cryptocurrencies, by the method of ‘blockchain’ technology. This was the first time this happened in Portugal, according to a statement sent to Notícias ao Minuto.
According to the same note, the announcement was advanced today by the CEO of the property developer. Priyesh Patel, who unveiled a deal in August to sell two luxury homes, paid for in Cardano cryptocurrency.
Note that the company has developed new protocols that allow for the integration of this new market area into its internal KYC (“Know Your Customer”) requirements to complete a transaction in euros before registration and thus make it compatible with European law.
In turn, property ownership will also be available as an NFT (Non-Fungible Token), allowing prospective owners to resell properties with just one click, through the ‘blockchain’ technology. Property transfers and registrations are handled by Prometheus, until governments adopt ‘blockchain’ technology in their processes.
The ‘Palacete Real’ project, developed by the promoter, together with European ‘influencers’ in this space, combines the NFT and ‘blockchain’ infrastructures. this is the first of its kind in the real estate world, reads in the document.
It consists of a set of international luxury villas, designed by the promoter’s architects, Scandinavians and Portuguese, and fully managed in the ‘blockchain’. Investors buy luxury properties and make money from the rents, holding ‘tokens’ that represent a part of a property.
AN company currently has five luxury real estate projects in Madeira, others under development. These projects have “a level of execution and finish that is unparalleled in the region,” says the CEO of Prometheus. The Aurora and Interstellar projects, in Calheta, and the Saudade project, in Ponta do Sol, are expected to be delivered in 2022, with a total value exceeding 15 million euros.
The same document also points out that Prometheus currently focuses its activity in Madeira, Portugal, defining itself as a company whose mission is “to ensure the construction of luxury properties of the highest quality”.
Read also: CGD wants to recover 18 million real estate business in Madeira