How did 2021 go for real estate auctions? According to Reviva, the company specialising in the livening up of auctions, the year thathas just come to a close recorded 185,555 property auctions throughout Italy relating to 126,425 lots for sale: an apparently positive value, but one that conceals a serious loss for the entire sector.
Real estate auctions, the devaluation of assets
In fact, 206,367,000 fewer auctions have been recorded since the start of the pandemic, with an estimated value of missed sales totalling €8 billion. There has therefore been a 58% increase in the number of auctions compared to 2020, the year in which the courts suspended sales activities for several months, but this still represents a 27% drop compared to 2019. Moreover, the nature of the properties up for auction is changing: 38.7% of them are non-residential (workshops, offices, commercial premises, hotels, etc.), and therefore more difficult to sell, causing a further loss of liquidity.
"In 2019, the fall in prices had burned 3.4 billion, with an average depreciation of 29%. This year, on the other hand, the overall devaluation is lower, by 2.5 billion, but the curious fact is that, on a percentage level, properties have depreciated by 30%. This means that, in any case, the procedures have tried to standardise more marked declines," adds Giulio Licenza, Co-founder of the company. - adds Giulio Licenza, co-founder of Reviva.
The future of property auctions in Italy
What will the next few years be like for property auctions in Italy? From 2023, according to Reviva, the number of registered procedures will start to increase again, also as a result of new defaults, and it will therefore be possible to see more properties at auction. But what will it take to get this sector back on track? Certainly, it will be necessary to implement technological assets to industrialise processes and allow human resources to focus only on high-value activities. In addition, marketing skills and tools will have to be improved to ensure that, when faced with a new offer, sales and therefore prices do not fall.
"We expect 2022 to see a return to volumes close to those of 2019: in fact, the last two months of 2021 saw a volume of auctions set very close to the last two months of 2019, which, barring further restrictive measures, gives us hope that we are heading towards a period of "new" normality. From 2023 onwards, however, we expect a further increase in enforcement procedures and new auctions, due to the increase in NPLs caused by the pandemic". - comments Giulio Licenza, Co-founder of Reviva.
What is clear from where we stand now at the beginning of 2022 is that the future of auctions is online: since the beginning of the pandemic, in fact, there has been an average increase of 185% of auctions conducted online, or in a mixed mode, compared to in-person auctions requiring your physical presence. This clearly illustrates the trend towards remote working, which has had a strong sprint during the pandemic, and which, even though online sales still involve a rather complex and bureaucratic process, we hope will also lead to greater familiarity with a more digital way of buying.
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