An online platform enabling Cypriot citizens to participate in housing auctions (e-auctions), thus eliminating the need of a physical presence, was launched on Monday.
Bidders may participate in electronic auctions through the website upon registration.
A wide range of properties will be available for auction, such as private residences, commercial spaces, parking lots, storage units and industrial plots of land.
The process of managing and conducting e-auctions is undertaken by certified officers who are registered in the Electronic Auction System.
The e-auction system will be administered by ACB E-auctions LTD, a subsidiary of the Cyprus Banking Association and the company responsible for the maintenance, control and reliable operations of the Electronic Auction System through which the electronic auction of mortgaged properties takes place.
In order to register in the system, bidders need to be registered in the Civil Registry of Cyprus or in the Registrar of Companies.
E-auctions will only be available on working.