Around 60 properties islandwide will go under the virtual hammer next Wednesday in Cyprus’ first-ever digital online auction.
Everything from plots of land to huge commercial properties, offices, homes and apartments are up for grabs through the auction site BidX1. Registration for the auction on October 23 is now open.
On the site, prospective buyers can browse what’s on offer, arrange a viewing and buy a property online. Bidders must pay an advance deposit of around 2,000 or 3,000 euros and up, depending on the reserve price of the property that is the minimum that must be bid for during the auction.
The cheapest property in the first auction is a piece of land in Livadhia in Larnaca for 30,000 euros and the most expensive, a commercial area near Ayios Antonios market in Nicosia, listed with a reserve price of 850,000 euros. Given the location and size of the property, which includes buildings, its reserve price could be considered a steal.
In terms of homes, there are various village houses running from 45,000 euros and up to the top-of-the-range four-bedroom villa with pool in Peyia, Paphos for 200,000 euros, and several apartments in between.
BidX1 describes itself as a global digital marketplace for real estate, across all asset classes focusing on using technology to enhance the experience of buying and selling property.
The company has developed a bespoke, in-house platform – in modern speak a ‘proptech’ company – allowing users to trade property securely, efficiently and confidently, through the process of bidding.
BidX1 currently operates in the UK, Ireland, South Africa, Cyprus and Spain and plans further expansion in other markets in 2020, such as Portugal, Greece and Italy.
It has sold over 4,000 assets since the company was established in Ireland in 2011, raising more than €1.5bn globally, with almost €700m sold through the digital platform in the past three years.
All property documentation is available on the BidX1 portal before the sale; all potential purchasers are registered and approved by BidX1 and all bids are displayed in real-time on the day of the sale, as well as the final price once the sale is completed.
All parties complete the same registration process and if successful will be legally bound to complete the sale.
The digital platform is also accessible online on any device from any location around the world, offering the opportunity to register and bid wherever the buyer is.
The property catalogue is released four to six weeks before each sale. During this period, potential buyers have the opportunity to view the properties and study all relevant documentation available on the site.
If a potential buyer is interested in bidding on a property, they must register, providing proof of identification and proof of address, as well as a deposit based on the reserve price of each property that will be retained only if a bidder is the successful purchaser on the day of the sale.
On the day of the sale, every bid placed on a property is logged and displayed in real-time and can be viewed publicly on the website, while bidders are identified only by a number and so remain anonymous.
Successful buyers will generally need to complete their purchase (transfer the full amount to the vendor’s solicitor) within four weeks. However, the exact closing date for each property will be stated in the Contract for Sale, which is available in the legal documents for each property.
The Cyprus online auction will open at 8am on Wednesday. BidX1 says, and experts on the Cypriot property market will be on hand to answer any questions throughout the process.
To check out properties of the first auction: https://bidx1.com/
Contact BidX1 at: 22 000380 or [email protected]