Technology and its adoption will change perception of the world itself.
From blockchain technology to Facebook advertising, technology is opening up an entirely new world of real estate with a connection across the globe, the Crypto Real Estate. This is especially true in relatively open border First World nation states. Despite nationalist bluster from the Trump administration, foreign investment in American soil continues to increase. Chinese investment decreased in 2017, but real estate buyers from Vietnam, Thailand, Japan and Hong Kong – filled the gap. More diversity means more capital in the future.
Real estate sellers in high end Manhattan
The sales in high end Manhattan report that Asian prospects make up around 35% of the audience at any given event, and they can be up to 15% of buyers.
Latin American buyers are doing the same thing in Miami that Asian buyers are doing in New York. Venezuelan and Argentinian buyers took a slight dip in 2017 because of the ongoing financial crisis in those countries. However, other countries picked up the slack. Miami now plays host to buyers from a number of emerging central American economies, including buyers from Chile, Colombia and Peru. Mexican buyers are also using the financial instability of old foreign buyers to raise their market share in the city.
How are these foreign buyers finding these deals, and how are they finding the right timing? Moreover, how are they getting their money out of countries with currency problems and political upheaval? The answer may surprise you.
Following the Money
Real estate agents, just like everyone else, are focused on engaging the audience that is most likely to make a purchase. They are also focused on getting that message out as cheaply as possible. Costs are rising on traditional housing platforms. Although not on traditionally social platforms like Instagram. Here, content is free to post no matter how much revenue it may generate. The platform takes no commissions. It is a Tier 1 property with high domain authority. It has no political enemies that would cause a state to block access to it in a country.
Why wouldn’t the real estate move here away from pay sites? Buyers can post pictures, videos and descriptions on social media in the same way that they do on sites like Remax catering to real estate specifically. With the global class of Millennials around the world gaining buying power (around $2.5 trillion US and rising), real estate agents lose nothing by moving to social media. These are people who know Instagram and Facebook already – and not just as social platforms. They have been buying stuff from these platforms since they were teenagers with no problems.
The Hidden World of Real Estate Crypto
The expanding underworld of cryptocurrency provides the financial backing for many foreign real estate purchases, even in unstable economies. As the national currencies of emerging economies like Chile and Colombia fall, Bitcoin has risen exponentially. As a benchmark for the entire cryptocurrency market, it is perhaps no surprise that coins and blockchain efforts that are focused specifically on real estate have risen exponentially as well.
Consider the Global REIT, a blockchain effort that is based on the already successful Ethereum platform. Imbrex, a service that markets itself as “the global real estate data marketplace,” has a circulation of over 8,600,000 coins. Property Coin, BITProperty and Alt.Estate are just a few of the other efforts that have cropped up in countries across the world to take advantage of opportunities in foreign investment.
Nothing but Opportunities
In short, where domestic buyers find nothing but excuses because of new tax laws and falling home prices, foreign buyers are finding opportunity. As social media reduces costs to connect buyers and sellers, cryptocurrency reduces the cost of actually making the transaction. In a market like this, one can only expect crypto volume to rise.
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