PropTech leader BidX1, which specializes in online property sales, has sold more than €1 million in Spanish property during the first two weeks of the national lockdown.
The sales reflect continued appetite for real estate in Spain where investors can avail of secure and efficient methods of purchasing online.
BidX1’s model, which uses proprietary software that is developed and managed in-house, has mitigated against business disruption for the company; the online specialist has sold over €8m-worth of property across its five markets over the past fortnight alone, against a backdrop of national lockdowns and with all staff working remotely.
The Spanish sales include apartments in Madrid, located in Valdemoro and Torrejón de Ardoz, as well as assets in Barcelona; a three bedroom house in Esplugues de Llobregat and a four bedroom house in Palau-Solità I Plegamans.
BidX1's digital platform, which facilitates end-to-end online transactions, means that property sales are still taking place. Buyers have all the most crucial information at their fingertips, including access to the legal documents for each property. This allows them to complete due diligence prior to making an offer, making the process more efficient, but also more transparent.
Offers can also be made online, which are then logged and displayed in real-time on the platform, bringing further transparency to the process.
BidX1 have more than €35m-worth of Spanish property currently available on the platform.
Javier de Pablo, Head of Property at BidX1 Spain, commented: "This is an incredibly challenging time for the property industry, as for so many others. Technology will have an important role to play in kick-starting property transactions in the coming months as the Spanish economy beings to recover from the shock of Covid-19."
BidX1 launched operations in Spain in September 2019 and has sold almost €20m in Spanish property through the digital platform to date.
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