Irish Residential Property Developer To Accept Bitcoin As Payment Optionbr>
Ireland-based property developer Hagan Homes has announced that it will accept bitcoin as a payment method.
Founded in 1988, Hagan Homes has grown to become the largest property developer in Northern Ireland. Over its 27 year history, the company has built over 3,000 homes across the country. This includes developments such as Henryville in Ballyclare, Old Church Square in Dundonald, Titanic Walk in Belfast and The Brooks, Burnside. The company recorded a turnover of more than £18 million ($25M USD) in 2016/17 and marked its second biggest year of home completions since its inception.
Hagan Homes managing director Jamesy Hagan said the move is part of the company’s effort to respond to a changing market. He said there is both an increasing international interest in working, living, and investing in Northern Ireland, as well as a “significant growth in the use of bitcoin worldwide.”
“Bitcoin is an innovative new payment method and essentially a new kind of money,” said Hagan. “It is very similar to a cash transaction. Our acceptance of this new channel reflects our willingness to respond to the market.”
He did, however, acknowledged the volatility of the cryptocurrency and the challenges of accepting it as a form of payment.
“Of course, there are some risks to using bitcoin for payment due to the cryptocurrency’s volatility, but buyers and sellers are finding creative ways to deal with these challenges,” said Hagan. “By incorporating the learning from our peers into our approach we can embrace this innovation.” said Hagan.
Despite warnings of a bubble and massively fluctuating values, bitcoin has become an increasingly accepted payment for real estate. Bitcoin payments for properties have already taken place in cities across the US, as well as in Indonesia and the United Arab Emirates (UAE).
Last month, property developer Coloma River Capital and the Alex Venditti Group of Coldwell Banker Residential Brokerage announced they are accepting bitcoin for down, partial, or full payment at four new spots in Northwest Washington’s St. James Place Condos.