Cryptocurrency and Real Estate in Cyprus: Talking to an Expert

Today we talk to Sergio Gumeniuc, a real estate agent who works for DOM and specializes in real estate transactions in Cyprus, including those involving cryptocurrencies. Sergey will talk about how cryptocurrency is changing the real estate market on the island, share funny cases from his practice and give valuable advice on choosing properties in Larnaca. We will also discuss the trends and prospects for the development of this sector in Cyprus.

Personal profile

- Sergio, tell us how you entered the world of real estate and when did you first come across cryptocurrencies? What inspired you to work in this field?

I started exploring the world of real estate in 2019, when I moved to Cyprus. Initially, my friend and I planned to import building materials and build wooden houses from CIP panels, but we encountered local bureaucracy and had to close the business. I started working at DOM back in 2022, and this November it will be exactly two years that I've been here.I was introduced to cryptocurrency in 2017, when bitcoin made its first big jump. I bought some for $400, and literally in an hour, that amount increased by $40. That's when I realized the potential of crypto. But the desire to work in Cypriot real estate was born out of my love for the sea. I have always dreamed of living near the sea and real estate turned out to be the perfect field for me - it gives me the opportunity to be in constant motion, to communicate with different people and to help them find the home of their dreams.

Houses for Living and Investment

- If you were offered to buy a house in Cyprus for cryptocurrency, which neighborhood would you choose and why?

It all depends on the purpose - for living or for investment. For investment, I would choose neighborhoods that are closer to the sea and infrastructure, such as Livadia or Oroklini. These areas have high rental potential. And for living I would choose something in the center and away from the tourist areas, for example in the area of Drosha or Kamaris - it is quieter and more pleasant to live there.

- Have there been any interesting or funny cases in your practice related to the purchase of real estate for cryptocurrency? Maybe someone tried to pay for the purchase with an exotic cryptocurrency?

There are funny cases, but so far cryptocurrency transactions are gaining popularity. Recently, there was a case of renting for crypto. The clients arrived in a Porsche, and the developer also drove a Porsche. The client was very thrifty and they started haggling. In the end, after a little discussion, I offered to pay the rent in cryptocurrency and get a % discount, and the developer agreed. Literally in 40 minutes we looked at the apartment, signed the contract and transferred the money in crypto. Fastest transaction of my life!

- Is there any off the beaten track property in Cyprus that has surprised you?

Faros Sea Residence is the bomb! Imagine villas on the beach with views that take your breath away. These homes come with everything you could want: smart home, sauna, jacuzzi, gym - the whole package. And the cool thing is, it's all in a gated community with 24/7 security, so you can relax and not worry about security. These villas are really top of the line, built to the highest standards. Everything you need to live in luxury is here. The place is fire, the best materials, and you just open the door and walk out to the sea. If you're looking for something really high end, this is it! On top of all this is complete privacy and security. A gated community with 24/7 security, so you can enjoy life by the sea in peace. These villas are for those who appreciate comfort, luxury and want to live at the top of their game. If you are looking for something truly exclusive and elite, Faros Sea Residence is not just a home, it is a lifestyle that will make you feel at the top of your game every day.

Properties available for sale and in the Faros Sea Residence

- If you could create the perfect home in Cyprus with an unlimited budget, what would it look like? Maybe some crazy idea or unusual element that you have been dreaming about for a long time?

This may sound a bit trivial, but I would definitely make the house as self-contained as possible. Cyprus has 330 days of sunshine a year, so why not equip every house with photovoltaic panels that could generate electricity? Imagine a house that is not only completely energy self-sufficient, but can also make money by selling excess energy back to the grid. This is the future of real estate. A simple example: I currently have an apartment with solar panels that generate about 110 euros a month. It's a great way to reduce your bills and make your home greener.

Looking to the future

- If you imagine that 10 years from now, blockchain and cryptocurrency will be widely used in real estate in Cyprus, how would you describe the ideal home buying process?

Cryptocurrency is not just about money, it is mainly about technology. The main value lies in the blockchain, which provides security and transparency. Over time, all financial processes, including banking and real estate transactions, will move to the blockchain. In 10 years, all transactions will be done through this technology. The ideal process is as follows: you choose an object, sign a contract with a digital signature, and the entire transaction is recorded in the blockchain - without intermediaries and delays. Money is transferred instantly and transparently, and the purchase is literally just a few clicks away.

Examples of properties

- Can you give examples of properties in Cyprus that can be purchased with cryptocurrency? Which ones are most popular with buyers?

Yes, we have even created a separate cryptocurrency catalog on the DOM website that contains properties that can be purchased with cryptocurrency. Among the popular options in Larnaca, where I work, is a new 4-bedroom villa in Larnaca for 766 thousand euros. This villa is equipped with a photovoltaic system and underfloor heating, making it ideal for living. There is also a 3 bedroom apartment in the Ayios Nikolaos area for 330 thousand euros and a penthouse in a promising new marina. We can see that stablecoins such as USDT are becoming popular as they avoid exchange rate fluctuations when paying for real estate.

Real Estate Market Trends

- What are the trends in the Cyprus real estate market in relation to the use of cryptocurrency? Is the demand for such properties increasing?

The interest in cryptocurrency is growing. Several real estate developers have already opened crypto wallets and we see that this attracts a certain type of clientele. There are already at least 15 developers in Larnaca and the number is growing.

- Sergio, in how many years do you think it will be the norm to buy real estate for cryptocurrency in Cyprus?

I think it will happen in the next 5-10 years. Already now many real estate developers are starting to accept crypto and this trend is only growing. Whoever adapts earlier will win.

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4. Cyprus is a new hotspot for digital nomads
5. Pilavakis House in Limassol: from luxury mansion to the largest library in Cyprus