According to the real estate agency International RealtyGroupin Miami, 5% of real estate transactions are already made with cryptocurrencieswhile 60% of operations are carried out in cash and the remaining 35% through credit.
Giovanna Guzmán, CEO of IGR, commented that Miami has become the epicenter of cryptocurrencies in the American Union, since the mayor of the city has given it a lot of encouragement and even intends to pay government workers with the Miami Coin, the local cryptocurrency, in the case of real estate purchases, there are new developments that accept the buy with cryptocurrencies.
“It’s legal as long as you can check where the funds come from”Guzman said.
To verify that the cryptocurrency has sufficient funds, specialized exchange houses are used so that the developer receives his money in cash, the exchange house is in charge of registering and transferring the money.
In the case of properties that are already built, that is, that are not developments under construction, not the entire purchase operation can be done with cryptocurrencies, since insurance, titles and documentation have to be paid with
currency, Guzmán added.
IRG has already made real estate transactions with cryptocurrencies and it also lists properties in the United States that can be purchased with crypto assets.
The real estate agency has just opened its corporate offices in Mexico Citysince Mexicans are among the foreigners who acquire the most real estate in the United States, with an average of one million 250 thousand dollars per property.
The amount is well above the $850,000 spent by Brazilians or the $475,000 spent by Chileans, the IRG also has offices in the United States, Canada, Turkey, and the Dominican Republic.
One of the reasons why Mexicans invest in the United States are the mortgage loans to which they have access, with an average interest rate of 4%, in contrast to rates in Latin America, which are 10-13%, Guzmán said.
In addition, Florida offers modern tax policies, business zones that grant tax credits, and ISR is waived in some cases.
“The United States is the most solid market in real estate, there was a moment of crash in 2008, but it recovered quickly,” added Guzmán.
“There is a lot of interest in investing in different states like Florida, which was rediscovered by Latinos, New Yorkers or Texans during the pandemic, since it was the only one that remained open.”
According to IRG, Mexicans are very selective and exclusive when purchasing real estate in Miami and, generally, they buy luxury properties that will increase in value over time.
Last year, IRG carried out 150 real estate transactions in the markets where it operates, and so far in 2022 it has carried out 160 operations with the integration of the offices in Turkey, which is why they have already exceeded the levels of the previous year.