A Spanish Fintech startup Reental.co, engaged in real estate tokenization, said that it had sold a house in Seville with tokens in less than 4 minutes. This is considered a "record" for a company engaged in popularizing investments in this type of digital assets in the real estate market.
57 investors from four different countries competed for this house in Seville, sold in record time. As a result, the price for this property reached 69,194 euros. According to Reental.co, the yield of this house will be 10%.
The company also claims that in addition to the building in Seville, it sold 3 more properties in Gandia, Castellon and, also in Seville, in just an hour. Again, another property was sold in Gandia in 2 hours. And another house was sold in Sagunto (Seville) in 3 hours.
Reental.co reports that the company has "made history" of the local market in February 2021 — they own the very first sale of real estate for tokens in Spain. It took the startup only 20 hours to do this, 32 investors from different parts of the world participated in the auction for purchasing real estate.
Representatives of the organization note: "These rapid sales are an example of how the classic housing market is gradually entering the world of crypto technologies, and their many other sectors of the economy are applying their achievements. Now, thanks to Reental.co , it will gain a foothold in the Spanish housing market."
According to the company, the development of "real estate tokenization" makes it possible to digitalize houses, real estate in general, and its various aspects. The token captures and shows the real housing value on the market, as well as registers it in the blockchain.
Thus, real estate becomes a crypto asset and buyers from anywhere in the world can use it for investment: cheaper and more democratic.
Reental.co divides real estate into tokens. The approximate cost is 100 euros. The minimum amount of investment is only 1 token. So, any investor, small or large, gets access to the dividends generated by the property associated with the purchased tokens.
Eric Sánchez Gálvez, Co-Founder and CEO Reental.co, explains: "Residential real estate has always been a haven for investors, although few had access to this product, because it requires large investments. However, the tokenization of real estate, which we are developing in Reental.co, democratizes investments — anyone who has 100 euros can become an investor."
