(BlockBar) Property owners do not need to cross the border in a traditional way to access legal and cryptocurrency investors, which greatly accelerates the property sales process. Property-specific token holders can trade tokens in the secondary marketplace of the trading platform or wherever they want.
Equisafe will be responsible for the transaction. First of all, the luxury home will be tokenized, and the token will be the digital representative of who owns the shares of the luxury house. The single share will be divided into 10 tokens and will be issued and distributed to buyers. Each token will be divided into 100,000 units and can be easily traded in the secondary market. Therefore, considering the full price of 6.5 million euros, the minimum price of this luxury home is only 6.5 euros. The release will be held on June 26.
In general, the threshold for investing in real estate is still high. Through tokenization, sales will become easier and investment thresholds will be greatly reduced. For example, an investor can purchase 1/1,000 of a property to make it affordable for anyone. Trading on the blockchain provides an open market for each property, making market pricing transparent and reducing information asymmetry between professional and retail market participants. More importantly, the registration of all transactions on the public blockchain can eliminate frauds and incidents caused by conflicting ownership registrations.
In the world of blockchains, there are also other high-profile real estate sales, but this is the first time in France. For instance, in August 2018, an American ski resort in Aspen, Colorado, was sold as a security token; in October 2018, a Manhattan condominium was sold for $30 million. In both sales, the Ethereum blockchain was used. Now, once again, Ethereum will be used to sell the property of AnnA.
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