You read that right! Engel & Völkers is the first real estate agent in Switzerland to offer you the opportunity to buy real estate brokered by us in the canton of Zurich with cryptocurrencies.
Although they are currently far from their all-time highs, cryptocurrencies have been an extremely attractive asset in recent years. Not only young, risk-taking investors, have benefited from this. More and more wealthy individuals also have crypto assets in their portfolios. For example, a global survey of more than 600 wealth managers who serve ultra-high-net-worth individuals with assets in excess of $30 million each, shows that almost one in five of their clients is now investing in cryptocurrencies.
Due to this, it is understandable that owners of Bitcoin, Ether & Co. sometimes wish to invest part of their crypto profits into real estate. We are not talking about virtual properties in the Metaverse, but tangible real estate - e.g. in the attractive residential region of Zimmerberg.
But this raises the question: Is it even possible to buy real estate with crypto assets in Switzerland? The answer: Yes, this is now actually possible! This is thanks to the cooperation of the real estate experts from Engel & Völkers with the renowned Zurich private bank Maerki Baumann & Co. and the FINMA/VQF-regulated Swiss crypto gateway XEROF.
In a complex process, XEROF first ensures that the origin of the crypto assets meets the same regulatory requirements as fiat funds (e.g. with regard to money laundering). XEROF then converts the respective crypto assets into Swiss francs, whereupon Maerki Baumann & Co. issues an irrevocable promise to pay in Swiss francs for the notary's office.
The seller of the property does not have to agree to the transfer of the purchase price in crypto assets. This type of direct transfer, so to speak from wallet to wallet, is not yet possible in Switzerland - unlike in Portugal, for example. When buying real estate with crypto assets, the transfer of ownership in this country is still done in the traditional way after a transfer in Swiss francs. However, the financial means for the purchase are crypto-based. XEROF currently accepts Bitcoin (BTC) and Ether (ETH) as well as the digital Dollar USD Coin (USDC) and Tether (USDT).
The cooperation with XEROF and Maerki Baumann & Co. not only shows how closely Engel & Völkers follows the pulse of technological development, but also shows our ability to adapt to changing market needs. Since the establishment of cryptocurrencies, there have been more and more prospective buyers who no longer make a distinction between Bitcoin and Ether on the one hand, and Swiss francs and euros on the other. Whether blockchain or fiat money: For them, both are simply a means of payment.
In addition, there are numerous advantages associated with the purchase of residential property with crypto assets. For example, the corresponding financial transactions can be processed much faster and cheaper than with traditional payment transactions via SWIFT. Foreign buyers in particular are happy to avoid the losses of several per cent that are common with international payment orders. Not least because the sums to be transferred are in the seven-digit range.
Find out more about the new way to buy real estate in the canton of Zurich quickly and efficiently with crypto assets. Watch the free recording of a webinar hosted by Engel & Völkers left bank of Lake Zurich on August 31, 2022. During this webinar, Managing Partner Niki Thomet will be talking with XEROF CEO Nick Ntigrintakis and XEROF Executive Director Marc Taverner about the collaboration between Engel & Völkers, XEROF and Maerki Baumann & Co.
We would be very pleased to be able to deepen your knowledge on this exciting topic with you in the near future.
Engel & Völkers Zürichsee Region Zimmerberg
