Online auctioneer launches global property marketplace for investors

An online auctioneer, BidX1, has announced the launch of its global digital property marketplace.

The platform expects to sell 2,000 properties with a combined value of €450 million by the end of this year, up from €300 million in 2018.

The new digital marketplace means sales can take place globally on a 'fully flexible' basis. BidX1 expects this to produce more than one sale a week on average during 2020.

BidX1 now has available properties in the UK, Ireland, Spain, Cyprus and South Africa. Its key cities include London, Dublin, Madrid, Barcelona, Nicosia, Limassol, Cape Town and Johannesburg.

Properties across all asset classes will be available for investors, including assets with development potential, income-producing residential assets and high-value commercial properties.

The platform says it has further plans to expand into Portugal, Greece and Italy in 2020.

"Growing up from traditional roots BidX1’s tech based digital model is now reshaping how real estate is bought and sold," says Johnny Horgan, managing director of BidX1 Europe.

"Identifying the demand for increased transparency and efficiency within the sales process, [we are] creating a network of real estate buyers and sellers."

"The [global] opportunities for a digital platform are immense, as both buyers and sellers are looking for an alternative to the traditional transaction model," says Horgan.