A visualization of the Palais development in Tulum. A visualization of the Palais development in Tulum.

Riviera Maya condo sells for 5.7 Bitcoin

The luxurious Tulum condo sale represents the first of its kind in Mexico

An apartment on the Riviera Maya in Quintana Roo has been sold using Bitcoin, making it the first ever property sale of its kind in Mexico.

A woman from Peru spent 5.78 Bitcoin, equivalent to US $248,000, to put her name on the property.

The apartment is in the Palais complex in Tulum, which is 80% built. The luxurious two bedroom apartments are marketed as condos: the most expensive is valued at $332,770, which is a 150-square-meter rooftop apartment.

The real estate agent in the deal, La Haus, announced in November 2021 that it would accept Bitcoin for properties in Colombia and Mexico to attract international buyers.

Jehudi Castro from La Haus’ Innovation and Future department said the new payment method relieved obstacles. “One of the aspects that most enticed us when it came to incorporating this payment method, in addition to the ease it represents, was the possibility of breaking geographical barriers,” he said.

Jonathan Cuan, the founder of Palais’ property developer, Rivieralty, said cryptocurrency could help attract more international buyers to Mexico. “We were really interested in opening our developments to cryptocurrencies … since 50% of our clients are foreigners. That way we can simplify the process of investing in Mexico. La Haus’ integrated solution solved all the technical and legal issues for us,” he said.

The first Bitcoin real estate transaction in Mexico was for commercial premises sold by La Haus in Tulum.

La Haus was founded in 2017 by Jerónimo and Tomás Uribe, sons of former Colombian president Álvaro Uribe. They expect to soon broker Bitcoin sales for properties in Colombia.

With reports from Xataka

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