PropTech leader BidX1 had another successful auction in Cyprus yesterday, generating €30m in liquidity on its digital property marketplace. Over 330 bidders, the majority of which were Cypriots, registered for the auction.
The BidX1 team in Cyprus oversaw the sale of a diverse range of properties, both residential and commercial, in Nicosia, Limassol, Paphos, Larnaca and Paralimni, including investment opportunities and assets with development potential. Out of 66 Lots that were offered via auction, 59 were sold, raising €10m. All bids, as well as the final sale price for each asset, are displayed publicly on the BidX1 platform, underlining the transparency of the process.
Commenting on yesterday’s results, Head of Property at BidX1 Cyprus, Kritonas Onisiforou noted: “We are extremely happy with the results of our 2nd auction, and the level of engagement in the market. We aim to bring greater transparency and efficiency to the markets in which we operate, and we’re delighted that Cyprus has embraced BidX1’s innovative methods of marketing and transacting real estate.”
Responding to demand following this week’s sale, BidX1 will hold an additional digital auction for the 7 remaining Lots next week, on Thursday 27 February 2020.
“We have already had strong interest from potential buyers for the seven available properties”, continued Onisoforou, “and thanks to the flexibility of our platform, we are able to hold an additional digital auction next week to offer these. The catalogue can be viewed on BidX1.com. We also have a number of attractive assets available via Digital Private Treaty which we would encourage interested parties to view here, and on which an offer can be made at any time.”
To take part in the auction next week, interested parties must pre-register on the platform by 26 February, providing proof of identification and proof of address, as well as a deposit that will be retained only if the bidder is the successful purchaser on the day of sale. Unsuccessful bidders will receive a full refund within 7 working days.
The award-winning digital property marketplace launched operations in Cyprus in 2019, facilitating property trading through its proprietary technology and industry-leading property expertise, as well as the in-depth knowledge of its local team of specialist commercial and residential experts. In early 2020, the company introduced another method of transacting property through the platform: Digital Private Treaty. While Private Treaty is the standard method of sale in Cyprus, BidX1 are offering a more transparent, stream-lined, digital version of the process.