€4.1m in Portuguese real estate projects sold using cryptocurrency, European First
Prometheus International sold two luxury houses, still under construction, in the Portuguese island of Madeira to the value of €4.1 million. The properties were paid for in cryptocurrency, the first time this has occurred in Portugal, marking the start of the blockchain revolution in this crypto-friendly European country.
The first two properties in the oceanside projects of Aurora and Saudade, with a total value of €4.1 million, were sold in Portugal by Prometheus International and paid for in cryptocurrency. This sale makes it the first and most expensive luxury real estate purchase in Portugal since the blockchain revolution.
Priyesh Patel, CEO of Prometheus, revealed today that the company secured an agreement in August to sell two luxury houses, paid using Cardano cryptocurrency. The company has developed new protocols that enable integration of this new area of markets with its domestic KYC 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’s 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.
Prometheus is developing a project called The Royal Blockhouse, in conjunction with some of Europe’s biggest influencers in this space. This combines two aspects of the blockchain revolution; NFTs and Blockchain infrastructure, a first of its kind in the world of real estate.
1) The Royal Blockhouse will be a collection of international luxury villas, designed by Promtheus, Scandinavian and Portuguese architects. These will be deployed in idyllic locations worldwide, setting a new standard within the international property development space for permanent luxury real estate.
2) The villas will be fully operational on the blockchain, from smart home features, licensing, royalties, rent, fees, technology, access, payments, ledger of tenants and so on.
3) 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.
Prometheus currently centres their 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 process includes choosing the sites, project managing the architecture, construction, integrating state-of-the-art Smart Home functionalities and delivering the final product to the customer – ready to occupy and furnish. “The customer enters their home for the first time as if they were entering a luxury hotel,” explains Prometheus’s CEO, who only makes products which meet very high standards. The company calls its approach Architecture For A Life Worth Living.
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 €15 million. Prometheus have multiple interested buyers, and two villas within these projects have already benn 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 wants to share the beauty of Portugal with the world and are actively involved with a network of influencers, promoting the intricacies of life in the Iberian Peninsula, by creating breath-taking homes and encouraging more investors to take the plunge and move to this progressively business friendly nation in western Europe. The benefit to Portugal’s economy cannot be understated thanks to the foreign capital that investors bring with them. Prometheus has already created over 50 indirect jobs in Madeira alone.
Let us remind you that the Madeira Archipelago has been chosen seven times Best Island Destination in Europe (it has receive the award for five consecutive years 2015-2020) by the World Travel Awards. This year Madeira is again among the finalist to receive this award, as well as Best Island Destination Worldwide.
Prometheus accepts payment in conventional currency. And, despite the first two properties having been transacted in Cardano, the company accepts any type of CRYPTO or traditional FIAT, offering progressive customers payment options aligned to their lifestyle.