A €3 million 17th century Valletta palazzo can only be purchased in Bitcoin

Welcome to ‘Blockchain island’: Malta is now set to have its first ever property sold by Bitcoin – non-negotiable.

A vast 860 square metre historic building in the heart of Valletta, with permits for development into a hotel or office space, comes with a €3 million price tag but can only be purchased in Bitcoin.

If successful, it would mean its current property owner Ian Fitzpatrick would have clinched the first ever cryptocurrency property sale.

“I believe that there are a number of affluent individuals in this new business community viewing Malta as the most attractive place for investment,” Fitzpatrick told CoinRivet.

“The palazzo can be developed into a boutique hotel or even into a cool housing project for employees. Investing in real estate in Valletta is certainly a smart step for anyone looking to establish himself on Blockchain Island.”

The Republic Street palazzo has 18 bedrooms and will go on sale for 550BTC.

“Despite its imposing facade and religious symbolism, little could be gleaned in the way of this building’s history,” agents Cryptohomes write on their property website. “When asked, a number of nearby residents and shop owners always recall the house as a tenement block or ‘kerrejja’ which remained as such until 15 odd years ago ever since it was abandoned. There was also a small printing press operating from one of the rooms, evidence of which can still be seen today.”

CryptoHomes.io is a property website to make more real estate listings available through crypto, a joint venture between management consultants Kessler ¦ Stockhausen Consulting Ltd and Avorin Advisory Ltd.

Fitzpatrick and Wolf Kessler are co-shareholders in the company VLT Boutique Ltd, which is registered at 98, Republic Street, Valletta.

One of CryptoHomes’ initiators – Dennis Avorin – said the move was a big step in proving cryptocurrency has a future in purchasing assets in the same way as regular cash.

“Crypto is here to stay and we want to showcase that cryptocurrencies are not only commodities for speculators but also a means to purchase solid assets,” Dennis Avorin, of Avorin Advisory, told CoinRivet.

“Purchasing real estate with crypto is like purchasing real estate with fiat – the same due diligence and rules apply. We simply want to promote the use of crypto as a vehicle for solid investments and Malta is a great start with the incredibly strong real estate market that we have seen in the past few years.”