Europe Completes Its First Ever Blockchain Real Estate Sale for €6.5 Million

Posted by Staff Reporter on Jul 23, 2019 02:09 AM EDT
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Europe Completes Its First Ever Blockchain Real Estate Sale for €6.5 Million (Photo : GETTY IMAGES)

Last week, the AnnA Villa in Paris made history by becoming the first-ever European property to be sold entirely via blockchain transaction. The luxury building, located in the city's Boulogne-Billancourt district, was valued at €6.5 million and was sold to French real estate companies, Sapeb Immobilier, and Valorcim.

The process involved first transferring ownership of the building to a joint-stock company (SAPEB AnnA), then dividing the company into 100 tokens to be distributed to the owners respectively. Each token can be further broken down into 100,000 units, meaning individual shares of the building can be bought and sold for as little as €6.50.

The deal - which was managed by French blockchain investment platform, Equisafe - was powered on the Ethereum token, and was the latest of several worldwide efforts to bring real estate sales onto blockchain technology. Last year, a $30 million Manhattan property was also tokenized on Ethereum, and in January of this year, a luxury resort in Aspen, Colorado raised $18 million through a security token offering. 

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