Propy is proud to announce the completion of its first two blockchain-based real estate deals in Japan. These deals are the first of their kind in the Asia-Pacific region, and they represent a milestone for Propy.
Hong Kong Investors Make History with Propy in Japan
Both properties were residential lots in the trendy St. Mortiz neighborhood in Niseko, Japan. Hong Kong-based investors purchased the lots, and the transactions involved utilizing the Propy blockchain. One of the most attractive benefits of Propy is its ability to facilitate cross-border transactions with highly secure communication outlets between the buyer, the seller, and the agents. Hence, contractual agreements can be signed and shared remotely, allowing for a more smooth transaction.
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Propy Looks to the Future with Japan as Inspiration
These two Japanese transactions are a milestone for Propy. We hope that these two deals will serve as an example for future real estate transactions using the blockchain. On the subject, Propy CEO Natalia Karayaneva stated that “we are actively signing up forward-thinking international real estate firms to increase the volume on our transaction platform…these two deals are what we feel are the first of many.”
Investors React Positively to Propy
While these transactions were conducted with the Japanese yen, Propy’s platform supports multiple currencies around the world, including cryptocurrencies. The Hong Kong investors were impressed with Propy’s ability to simplify the real estate process with an all-in-one online solution. Propy’s blockchain stores all ownership rights on a decentralized registry that is protected by code (instead of paper). Real estate brokers now have a more transparent and affordable way of conducting business.
Paul Butkovich, sales and operations manager at resort property developer Hokkaido Tracks, saw the benefits and “soon realized that my sales team could streamline communication with buyers, sellers, and lawyers into one user-friendly online platform.” Hence, Propy could potentially disrupt the current real estate market that is controlled by “mega-brokerages” and offer a competitive tool for boutique agencies.