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"Tokenized" investments in real estate

Los ‘tokens’ son los nuevos ladrillos: cómo invertir en viviendas con solo 100 euros

https://elpais.com/economia/negocios/2024-02-03/inmuebles-tokenizados-como-invertir-en-viviendas-con-solo-100-euros.html

Esta forma de inversión inmobiliaria es incipiente en España aunque cada vez hay más opciones. Las plataformas buscan pisos para alquilar y prometen una rentabilidad media del 12% anual

Los ‘tokens’ son los nuevos ladrillos: cómo invertir en viviendas con solo 100 euros

Yesterday, the business section of El País, the Spanish newspaper of record, published this story.

It details how now people are investing in "tokens" using the blockchain, in something that looks pretty much like a regular REIT to me. 12 % average annual return, 6 % to 10 % MER. I already know the end of this movie.

I've contacted the local regulator (the Spanish SEC if you want) and asked them if they have published any information about this ~~scam~~ very sophisticated product.

I was wondering if this is also a thing outside of Spain. We can't have been the first ones to invent this shit.

If you can't access it due to the paywall I can send you a PDF, just DM me.

4 comments

dgerard

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yeah, this has been PR-pushed to all sorts of papers

the blockchain is immutable, which is why the pitch for real estate on the blockchain remains unchanged since 2015

sailor_sega_saturn

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I've heard of these schemes before. As you say it's like a REIT; but y'know one run by scammers, libertarians, or fools (or well all of the above).

The blockchain part is entirely pointless at best (where they bolt it onto the side of a more conventional setup as a marketing gimmick), and a legal nightmare at worst (where they decide that code is law).

e.g. in the latter case imagine trying to buy a house that's technically owned by hundreds of anonymous people . Imagine what happens if the tokens that convey ownership in the property get hacked. Image what happens if the house becomes a money pit, needs repairs, is trashed, etc.

self

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Image what happens if the house becomes a money pit, needs repairs, is trashed, etc.

ordinary REITs deal poorly with residents pouring concrete down the drain on their way out (it’s the one thing you can do to cost them a significant amount of money, if you don’t mind the personal risk); the mental image of a REIT that handles it even worse due to short-sighted crypto shit is very funny to me

carlitoscohones

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"12 foot ladder" helps with the paywall on this one. The article is written in a highly credulous tone. I would have appreciated an interview with someone that was actually receiving income and money in Euros out of the scheme. Like, money money.

At the end - Boston Consulting says that 10% of the market will be tokenized. Sure.