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Reportedly, the firm Astra Montenegro Investment Association (AMIA) has been successfully encouraging the use of digital currencies in Budva and has persuaded the neighboring Dukley hotel, Beach Lounge, and Marina to accept BTC. And according to Notary Office and AMIA, three luxury apartments located in Budva, Montenegro sold for 420 BTC (3.2Mn USD) this week.
Three apartments, situated near the coastal area on the Adriatic Sea, have sold in the region of Budva, Montenegro, a country located in Southeastern Europe. The luxury apartments stood in a region well known for tourism. According to AMIA executive Nila Emilfarba and the Notary Office, the buyers purchased the living quarters for approximately 420 BTC. Emilfarba says the sale was the largest so far for the country and the firm has been convincing merchants in Budva to accept digital currencies.
AMIA Leads Region in Selling Real Estate for Cryptocurrencies
“Our company, unlike many who have doubt in cryptocurrency, is the first in the region that started selling real estate for the cryptocurrencies,” explains the AMIA.
In addition to being able to purchase real estate, Emilfarba and AMIA have also persuaded the Beach Lounge restaurant, Dukley hotel, and the Dukley Marina to accept BTC as well. The parties quickly closed the apartment sales in Montenegro, with the Budva Notary Office witnessing the transactions.
A 25-year-old customer from France said the settlement process for the Montenegro purchase was faster than conventional residential transactions. Budva Notary, Pantović’s Law Office, and attorneys from Prelević’s Law witnessed the sale. After signing the official papers and transferring the BTC, the parties immediately converted the funds to Euros.
Real estate purchases using cryptocurrency has been a very recent development but has been growing in number since early 2017 when digital assets reached all-time price highs. These large transactions have been taking place in all over the world including Miami, Amsterdam, Dubai, and Manhattan.
With the acceptance of cryptocurrency in the real estate market, Montenegro is all set to becoming a friendly region when it comes to the digital asset economy.