A bidding war means a scenario where two or multiple parties try to surpass each other bids, as they compete to buy any property, asset, or any other item.
By bidding war, we mean any situation where there are two bidders for a property or asset. There could be multiple bidders as well. Here, they all compete to buy this asset, by repeatedly outbidding each other, and offering even higher sums of money than the earlier bids. Bidding wars often take place for the acquisition of any marquee real estate property or any other asset.
Bidding wars have often been observed in the real estate sector, especially when there are multiple interested buyers for specific properties in areas where demand is high but supply is on the lower side. This leads to a massive increase or mark-up in the property price as a result.
