BidX1, Europe’s leading digital property investment platform, has recorded the highest number of bidders ever registered for an online property auction. Over 750 people registered to bid, which resulted in the sale of more than 170 commercial and residential properties, raising over €38m.
Jonathan Fenn, Head of Property at BidX1 Ireland, attributes the record figures to pent-up demand for investment property following the lockdown, but also a growing confidence in online property transactions, a trend which BidX1 believes has been accelerated by Covid-19.
He said: “The Coronavirus will be the catalyst for accelerated digital transformation in the property sector; just as we saw huge growth in FinTech following the global financial crisis.”
The Irish firm has pioneered an innovative approach to property sales, allowing buyers to invest in property across five markets – Spain, Cyprus, South Africa, the UK and Ireland – and complete the full transaction online, using technology developed in Dublin.
Most notably, BidX1 have reported that the total liquidity available at auction was €92m, calculated by totalling the highest offer from each unsuccessful bidder. It is the first time that the firm has released data on the amount of capital ‘left on the table’ following an auction.
Fenn noted: “This is hugely significant figure, indicating the extent of investor appetite for Irish property. It’s important to note that bids placed on our platform are unconditional and therefore represent a concrete commitment to purchase the property in question.
“That makes our measure of liquidity a solid indicator of demand – 580 under-bidders walked away empty handed, all of whom are actively seeking to invest capital in Irish real estate.”
BidX1 saw unprecedented traffic in the weeks leading up to the auction; more than 2 million site visitors in June alone.
Fenn continued: “Data and analytics are core to our success; the platform provides a fully transparent sale process, with over 4,000 bids placed across the two auction dates.”
BidX1’s user profile skews towards purchasers who are seeking investment opportunities, many of whom are cash-ready buyers. BidX1’s expansion into new markets means the platform now attracts an international investor audience seeking to invest capital in multiple jurisdictions – an increasingly attractive prospect as the search for yield intensifies.
These latest sales saw a buyer in Hong Kong secure a portfolio of five apartments in Dublin for €1,050,000. 10% of bidders were based outside Ireland.
BidX1 have more than 500 properties available on the platform this month, across five markets.
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