Propy completes first property transfer in EU using blockchain technology

Blockchain real estate startup Propy has announced that it has completed the first blockchain-powered property sale in the European Union.

The sale took place in Seville, Spain and involved a Spanish seller and a French buyer. Both buyer and seller used cryptocurrency (ETH-ETH) to transfer property ownership via Propy's transaction platform.

The traditional process of purchasing property across borders is not only convoluted due to different tax and regulatory jurisdictions but also vulnerable to fraud. Propy said that its platform simplifies this process and works within existing legal frameworks.

"Blockchain technology continues to revolutionize the way people buy and sell properties across borders," said Natalia Karayaneva, CEO of Propy. "The EU market can be a complex web of governments, brokers, and other entities making international property transactions difficult. Propy's blockchain-enabled platform removes complexity resulting in a simple online transaction that is easy to complete and secure."

Propy explained that its blockchain-enabled platform reduces the need for costly intermediaries like escrow services, as well as eliminates paperwork and the need to visit banks, brokers or lawyers in person. When a transaction is performed, a notary logs into the Propy transaction platform and verifies the seller's signature. At this point, the ownership transfer is recorded both on the blockchain registry and state land registry.

In its press release, Propy said that the deal turned out to be a “great success” for all involved parties. Miguel Prados Rodriguez, the seller of the property, said that the entire process was simpler as compared to the traditional process, adding that Propy’s platform is “user-friendly and gave me the peace of mind I needed to know the entire transaction was safe."

Propy said that another blockchain-powered property sale has been scheduled for upcoming months in Spain.