Online real estate auctions on the rise

INVESTMENT
Spotted in @tijd

An increase of 43% in real estate sales via Biddit.be, or 5,780 sales, bears witness to a strong increase in online auctions in 2020 compared to the previous year. In September 2018, the Belgian federation of notaries launched the Biddit.be site. Previously, public auctions were somewhat archaic, taking place in various venues such as cafes or church halls. With the possibility of online sales and adjudication, potential buyers no longer have to travel. For the seller, the business is transacted smoothly in just 6 weeks instead of 3 to 4 months previously.

For the 4 to 5 weeks preceding an auction, buyers interested in a property can view it on Biddit.be before it is put up for sale. Following this, auctions are possible online for 8 days with online final adjudication on the last day. As on e-bay.com, even for real estate, the real competition in these auctions mostly takes place in the final minutes! In 2020, the average online sale price was almost € 240,000 for a house and € 207,000 for an apartment.

Read more in this report from De Tijd [ Online openbare verkoop stijgt met bijna de helft ]