Cyprus Mail
Property

Interview with Kritonas Onisiforou, Head of Property at BidX1 Cyprus

What is BidX1 and how can it offer a better service to the consumer?

 BidX1 is an award-winning digital marketplace for real estate, allowing buyers and sellers from around the world to transact property assets in a more efficient and transparent way. BidX1 combines industry-leading property expertise with proprietary technology to provide unparalleled levels of transparency, analytics and global reach, challenging the traditional process of marketing and transacting real estate.

 What is the process of bidding and buying properties on BidX1?

 We currently offer two different ways of buying property on our platform: Digital Auctions and Digital Private Treaty.

With Digital Auctions, bidding takes place on a designated date, and the property catalogue is launched 4-5 weeks before this date. During this period, interested parties can view the properties and examine the legal documents, all of which are available on the platform (https://bidx1.com/en/cyprus).

On the day of the sale, bidding will start at the stated reserve price, which is the lowest price that the property can be sold for, and all bids will be displayed on the website (users are only identified by a number and so remain anonymous). The key thing to note about auction sales is that the contracts are unconditional: if you are the successful bidder, you are legally obliged to complete the sale within six to seven weeks (or within the timeframe stipulated in the contract).

We have also recently expanded our services in Cyprus to include Digital Private Treaty for suitable assets. Private Treaty is currently the standard method of sale in Cyprus, so buyers will already be familiar with this approach to acquiring a property, but BidX1 will be offering a more transparent, stream-lined, digital version of the process.

In this case, new properties are continuously being listed and an offer can be made online at any time, for consideration by the vendor. All offers will be logged and displayed publicly on the platform (while users remain anonymous), allowing interested parties to accurately assess the level of interest and pricing position.

Unlike an auction bid, these offers are made subject to finance (as with traditional sales in Cyprus). This means that the sale is conditional on the seller securing finance from their lender, if that is required.

What kind of properties does the platform feature?

 The catalogue for our next digital auction, which takes place on the 19th February, is now live on our website (https://bidx1.com/en/cyprus), and features more than 70 lots, a range of residential and commercial properties. The offering includes investment opportunities providing immediate income, as well as vacant assets available for owner-occupiers, in locations like Nicosia, Limassol, Paphos, Paralimni and Larnaca.

As for our Private Treaty offering, we are continuously listing prime properties on the platform, both residential and commercial, which can be viewed (https://bidx1.com/en/cyprus).

 What empowers buyers to invest and bid on a property, which has only been viewed in pictures?

 Actually, interested parties have the opportunity to visit and evaluate each property. We have a team of specialist commercial and residential experts with in-depth knowledge of the Cypriot property market, at the disposal of potential buyers to arrange property viewings and answer any questions.

Furthermore, the BidX1 platform provides users with a more transparent and efficient way of completing transactions. It is accessible on any device from any location, offering the opportunity to buy from anywhere in the world. The legal documentation relating to a property is available on the platform, allowing potential purchasers to complete due diligence prior to making an offer or taking part in an auction.

Offers and bids are displayed transparently, so interested parties can accurately assess the level of interest and pricing position.

How many properties have been sold in Cyprus so far?

During our first digital auction in Cyprus, in October 2019, we witnessed incredibly strong engagement from the market with 54 properties sold on the platform.

Is online auction-bidding the new trend when it comes to buying properties?

Considering our results so far and the interest from the local market, we can safely say that Cypriot buyers have embraced online property trading – people are looking for more transparent, more efficient alternatives to the traditional model.



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