In the year 2018, the real estate market in the United States suffered a great loss due to the great depression. The economy in that time was declining due to a number of factors. However, it can be said, in fact, that in the recent decade, the real estate industry has been growing, if not entirely gotten back on its feet.
Part of this growth and development in the industry can be attributed to the realignment of the financial system in the US following the great depression. As a new entrant into the economic system, and the real estate industry, the crypto boom could just be good news for the said industry.
The development of the blockchain and crypto industries has been an incentive for the real estate industry. In 2018 alone, reports indicate that the US real estate industry recorded a 6.5% increase, nearly reaching an approximated figure of about $32 trillion. This would seem to indicate that the “great depression” of the real industry is over.
The crypto industry has provided the real estate industry with an avenue for the division of properties into numerous pieces of tokens that are now able to be traded on the crypto market.
For instance, in the UAE, a number of buildings are being put up with the focus of tokenizing the properties. This follows a division of the property into token terms, among many investors who will then hold segments of the properties.
Additionally, the crypto industry gas availed the real estate industry with means to decentralize the blockchain regarding real estate. This provides the possibility to enact smart contracts among parties involved which does away with the chain of intermediaries who serve to increase the length and cost of such investments.
In the year 2018, Forbes magazine reported a record $30 million extravagance apartment in New York that was facilitated by Crypto currencies. The transaction was made possible via an Ethereum platform.
It is also intriguing that the famed cryptocurrency investor, Kirill Bensonoff, envisioned and maximized an exact association between the reclamation of the real estate market and the exponential development of cryptocurrency and blockchain technology. This is to imply that the hotheaded development of the new and innovative technology can have a precise positive impact on the real estate market.
As the real estate industry continues to get back on its feet, a number of economy players and sectors continue to see the rising and growing potential of embracing and backing the blockchain innovation and the crypto market. Among these is the crypto industry, that is, in a segue manner finding its footing in the crypto ecosystem. The opportunities and potential that the crypto currency and the crypto industry avail to the real estate industry can only grow better with time.