Read this before anything else.
Property is illiquid, rent can fall, laws change, tokens crash, and this is an early-stage project. Through either door you can lose some or all of the money you put in. These are the risks we know of today; the platform's Key Investment Information Sheet and the token's offer document will carry the binding lists.
Risks of holding the Aldeia token.
It may go to zero
The token has no cash flow, no redemption and no claim on anything. Its price depends only on what others will pay. Most governance tokens fall heavily at some point; KlimaDAO fell more than 99% from its peak.
You will never be paid from the buildings
Not rent, not dividends, not buybacks, not staking rewards. Anyone who buys expecting rent-like returns will be disappointed. If you want the rent, use the bond door.
Most buyers will be speculators
Prices will move on attention, not on housing. The housing is built to survive a 90% fall in the token: proceeds leave the token and sit in euro escrow at once.
Holders may push for value accrual
It has happened at other governance tokens. Here the statutes forbid economic rights and need regulatory approval to change, so the token stays what it is, or the project stops.
Rules on crypto-assets can change
EU MiCA rules, the small-offer exemption and the US position on governance tokens are all in motion. US and UK residents are excluded; a public market means some will hold it anyway.
The first-loss loan comes back slowly
About ten years, or at a refinancing. New buildings need new token rounds or concessional lenders. If neither comes, the vote has nothing to point at.
Scams start the day a ticker is public
No ticker, contract address, sale or airdrop exists. Anyone offering Aldeia tokens today is a fraud. Check the footer for our only channels. We never message first.
Software and keys can fail
Contract bugs, chain outages, lost keys, an exchange failing. We use standard, audited token tooling, not custom code, and your wallet is your own responsibility.
Risks of holding a building bond.
About 3% is a target, not a promise
The stress case is 2.2%. The profit share can be zero.
1.25% is sized to be payable, not guaranteed
It sits below the worst modelled case (1.45%), but it cannot be paid if losses exceed it.
The two tax regimes may not combine
If RSAA and CIA cannot apply to the same building, the target falls to about 2.4–2.9%. Losing either status cuts yield sharply.
Breaking CIA rules repays 100% of the benefit
Within the first 10 years, a breach of rent cap, tenant or use rules claws back all CIA tax benefits: about €0.3M of purchase-tax relief on a €4M building, plus property tax. The bond terms aim to make this a sponsor-default event, not a holder loss, where the law allows.
The council must vote
CIA's tax breaks need a municipal assembly vote in the pilot city. Without it the CIA lever (about 0.8pp) is lost. The purchase is conditional on that vote.
The first-loss layer may be smaller than planned
If the token sale falls short and no impact anchor steps in, the 25% layer shrinks and the bond target falls toward 2.4%. We will not market about 3% without it.
One building per series
Each bond series depends on one building in one city: its tenants, its repairs, its local market.
You may not be able to sell quickly
No redemption at launch. A resale needs a buyer on the platform's bulletin board. CIA also restricts selling the homes during its term. Tradable wrappers on housing have traded 27% below asset value in stress (Civitas, UK, 2023).
The pooled vehicle may never exist
If it does, its units carry different risks: a fund structure, a manager, a wider portfolio.
Evictions are slow
In Portugal they can take months to over a year. Arrears are budgeted, but a bad year still costs money.
Rules can change
Crowdfunding, blockchain-securities and rent rules can all change during a 10-year bond.
Software and keys can fail
Contract bugs, outages, lost keys or a stablecoin losing its euro peg. Lost wallets are recoverable after re-verification; SEPA payouts avoid stablecoin risk.
An early-stage sponsor and a related-party manager
The sponsor's company manages the homes at cost and earns 20% of cash above a 3% payout. Fees are disclosed, the manager is audited, and bondholders can replace it if rent collection stays below 90% for two quarters.
Payouts are taxed at source
28% withholding for Portuguese residents; 25% or the treaty rate for non-residents. The figures on this site are before that tax.
Expensive debt would hurt
Homes earn about 2.2–2.9% on cost, so borrowing at about 5% would lower bondholder cash. Debt is used only if concessional, at 2.5% or less.
Lessons we built in.
Each failure below has a control in the structure, checked by someone independent, not a promise.
| Precedent | What happened | Control here |
|---|---|---|
| RealT (US, rent-paying property tokens sold globally) | Detroit sued in July 2025 over 408 properties: about $2.7M of tokens sold for 39 homes it did not own, about 2% vacancy claimed against about 20% real, dividends still paid. Liquidated July 2026. (Michigan Public) | No money leaves escrow before the deed is registered. Occupancy audited quarterly by an outsider. Payouts only from the rent account, reconciled by the auditor. A trustee holds the mortgage. |
| Lofty (US, per-property tokens with holder votes on repairs) | Realised yield below what was marketed; a property condemned after 80+ days without heat; some holders unable to exit even at a 20% loss. | Holders vote on strategy only, never on operations. We never publish a yield above the model's stress case. A six-month reserve and a maintenance service level. |
| Home REIT (UK, listed social-housing landlord) | Collected 11% of billed rent; shares suspended; wound down in 2024. (City AM) | Rent is collected from households directly, and collection, not just occupancy, is audited and published. Collection below 90% for two quarters lets bondholders replace the manager. |
| KlimaDAO (mission token with staking yields above 75,000%) | Hype, then a fall of more than 99%, and damage to its own mission. | No yield on the token, ever. Treasury growth is never tied to price. Proceeds go straight into euro; the housing never depends on the token's price. |
| Civitas (UK, listed social housing) | Taken over in 2023 at 27% below asset value. (ii.co.uk) | No promise of liquidity at asset value. Bonds are held to maturity or resold at whatever a verified buyer pays. |
| Mietshäuser Syndikat (Germany, 30+ years, about 190 houses) | Supporters lend at 0–1% to keep housing permanently off the market. It works. | The proof that thousands will fund housing at near 0% for a visible cause. Its veto-on-sale lock is copied into the association's statutes. |
When we would stop.
We will pause or re-scope, and say so on the status page, if any of these happens:
- Counsel concludes the token carries economic rights it cannot shed, or that the association cannot issue it or lend the first loss. Then there is no token door.
- Counsel concludes a building company issuing participating bonds through crowdfunding is an investment fund, and no licensed manager is available at acceptable cost.
- RSAA or CIA is not available to the building company, or neither council will vote the CIA benefits.
- The first-loss layer is not funded, by the token sale or by an anchor. Without it the bond target falls to about 2.4%, and we will not market about 3%.
- Non-binding bond interest stays below €3M after the pre-registration window.
- Any market, community or partner markets the token with yield or price promises. We stop working with them.
No money is collected before an offer opens with its documents published. If a bond offer does not reach its minimum, investors are refunded by the platform's escrow. If no building closes within 12 months of a token round, the escrow rolls to the next building the holders choose; it never goes back to the team.