BidX1 eyes €450m in annual sales as it moves into Spain and Cyprus

Irish property platform BidX1 is ramping up its transparent online auction service, as it launches in Spain and Cyprus, with plans to sell some €450 million of properties on its platform this year. Next year, it hopes to roll out its service in further markets, including Portugal, Greece and Italy.

The digital property platform, which was launched in Dublin in 2011, allows customers to buy and sell all types of real estate across multiple markets. In 2018, it moved into the UK market, through its acquisition of London auctioneers Andrews & Robertson, and later that year into South Africa.

Now it has opened offices in Madrid and Nicosia, as part of a global expansion, which it expects will see some €450 million across 2,000 real estate assets to be sold on its platform this year.

Potential

According to BidX1, it will have properties for sale in all new geographies on the platform from September. These will be in Ireland, Britain, Spain, Cyprus and South Africa, with properties available across all asset classes, including high-value commercial properties, income-producing residential alongside assets with development potential are being sold across all five markets. This includes key cities such as such as Cape Town, Johannesburg, Barcelona, Madrid, Nicosia, Limassol, Dublin and London.

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Johnny Horgan, managing director of Europe, who will lead the expansion said: "The opportunities globally for a digital platform are immense, as both buyers and sellers alike are looking for an alternative to the traditional transaction model and BidX1 has the opportunity to be at the forefront of that change globally as digital transformation in real estate continues to overhaul the industry."

BidX1’s customer base includes private equity groups, banks, property fund managers, receivers and liquidators and property companies, as well as individual private sellers.