Online auctioneer BidX1 is launching into Cyprus and Spain, taking its total countries served to five by the end of this year, with more planned for 2020. Portugal, Greece and Italy will be launched next year, the firm said.
The business expects to transact €450m through its platform from 2,000 assets in 2019 across the various geographies. In 2018 the platform saw a total value of €300m, highlighting the growth and future potential for the digital platform as it expands globally. The forecast for 2020 is €1bn.
BidX1 will have properties for sale in all new geographies on the platform from September. These will be in Ireland, the UK, Spain, Cyprus and South Africa, as the global digital marketplace takes off.
Properties 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.
Following the launch of the of digital platform BidX1’s model will allow sales to take place globally on a fully flexible basis. This is expected to produce a sale more than once a week on average in 2020.
Stephen McCarthy, founder and CEO of BidX1, said: “The launch of BidX1 as a global digital marketplace for real estate, penetrating five markets, marks a pivotal point in property trading. With around €200m of real estate assets to be sold around the globe between now and Christmas, we are seeing first-hand the power of our digital platform and best-in-class real estate team.
“It is the diversity of our people, who have a wealth of experience from a broad mix of industries from real estate to eCommerce to the aviation industry, which has enabled us to utilise our tech at scale, challenging the traditional methods of property trading.”
The European expansion will be coordinated by Johnny Horgan, who joined BidX1 from CBRE earlier this year. Further to that, each geography that BidX1 operates in has its own dedicated team of real estate professionals, underpinned by BidX1’s proprietary technology. The company employs 100 people with further growth planned for next year. BidX1 Cyprus will be led by Kritonas Onisiforou; Spain by Daniela Marchesano and Javier de Pablo; UK is led by Richard Watson and Oliver Childs; South Africa is led by MC du Toit, BidX1 Ireland is led by Bernard Cully.
BidX1 has a varied customer base, from private equity groups to Banks, property fund managers, receivers and liquidators, property companies, as well as individual private sellers wishing to avail of the speed and transparency of the process.
Johnny Horgan, managing director of Europe, based in Madrid, said:“Growing up from traditional roots BidX1’s tech based digital model is now reshaping how real estate is bought and sold. Identifying the demand for increased transparency and efficiency within the sales process, BidX1 is creating a network of real estate buyers and sellers.
“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.”