A recent study has revealed Spain is one of the hottest destinations in terms of real estate purchases using crypto.

The findings compiled by Forex Suggest showed Spain has the most properties on the market for crypto, followed by Thailand, Portugal, and the UAE.

The study, which combined the available properties available within crypto real estate portals, showed 289 properties could be purchased using digital currencies, solely in Spain.

The report showed the properties on offer are predominantly located in Marbella and Alicante, with more urban properties on the market in Barcelona.

This figure puts Spain in the pole position by a significant amount. Trailing Spain is Thailand with 227 available properties, followed by Portugal in third place with 130.

In addition, the report revealed Canada registered the highest prices of properties available to buy with crypto, Bitcoin.com reports, around 250 BTC on average per property. Yet properties in the Philippines have an average price of just over 15 Bitcoin, the cheapest in the world. Moreover, in El Salvador, where Bitcoin is legal tender, average prices stand at 40 BTC per property.

The report also highlights the pros and cons of purchasing a property using crypto, both for owners and buyers. One of the most significant advantages is circumventing the associated costs of transferring and paying using fiat currency, particularly if the properties are overseas.

As stated in the report, one of the obstacles is the low number of mortgage lenders willing to accept crypto as a deposit, as well as regulations that may lead to additional paperwork.

There has been steady growth in using crypto as payment for properties. Back in 2021, one of the first real estate sales using crypto was reported in Venezuela, using Tether’s USDT. In addition, sales were reported in Colombia and Chile using Bitcoin in 2022.