BidX1 celebrates five years in Cyprus with launch of a new October catalogue

BidX1, the online auction specialist, has announced that it will hold an auction of Cypriot real estate on Wednesday, October 23, 2024, offering property hunters a wide selection of investment opportunities across the island.

Over 30 properties, totalling €5m, will be offered, including houses, apartments, shops, residential plots and agricultural fields. The new catalogue can be viewed here: https://bidx1.com/en/cyprus.

This month also marks the fifth anniversary of BidX1’s entry into the Cypriot market, when the PropTech company hosted the island’s first mainstream online property auction.

BidX1 has sold over 950 Cypriot properties since then, at a Gross Transaction Value of €115m, cementing the firm’s position as the largest and most experienced auctioneer in Cyprus. 

Yiannis Karagiorgis, BidX1 Cyprus, said: “Over 200 bidders registered to take part in our first auction back in October 2019, with almost 2,000 bids on the day. It was an incredibly exciting day for the BidX1 Cyprus team, and an important moment for the property market.

“Five years and hundreds of sales later, we’re delighted to be launching a new catalogue this month for buyers to consider. We are really excited about this auction, which includes a strong mix of investment opportunities exclusively available via BidX1, so we would encourage anyone considering a real estate investment to visit www.bidx1.com to browse the full catalogue.”

To celebrate the anniversary, BidX1 has also released details of some of the most interesting sales in the half-decade since it entered the market.

The property that attracted the most bids – over 150 in just two hours – was a residential plot in Agios Tychon, Limassol. The full bidding history, which started at €216.000 and ended at €380.000, can be viewed on the property listing, with five bidders competing for the well-located site. 

The highest value sale was also a land investment, comprising 2 x residential fields ideally situated 650 metres from Nissi beach in the tourism hot-spot of Ayia Napa. Offering development potential in a renowned holiday destination, the property sold for €1.25 million.

An attractive opening bid of €15.000 for an agricultural field in Pyrgos, Limassol, attracted the most bidders recorded on a property to date – and also resulted in an uplift of 360% from the opening bid. The BidX1 team approved 48 bidders in advance of the auction, driving a final sale price of €66.000.

BidX1 has earned a reputation not just for transparent and easy transactions, but also for the range of value opportunities that its auctions offer to buyers. Unique and special assets are frequently sold on the platform, such as this beach plot in Ormideia, Larnaca, which sold for €114.000 and this residential plot with unfinished apartment block in Latsia, Nicosia, which sold for €1.23 million.

Stunning ocean views were the main attraction at this two-bedroom house in Pyla, Larnaca, which sold for just under €500.000. Underbidder liquidity – calculated by totalling the highest bid from each unsuccessful bidder – came in at over €13m, the highest figure recorded for a Cypriot property on the platform to date.

While investors from over 20 countries have bid on Cypriot property at BidX1 auctions, the majority of buyers are Cypriot.

Karagiorgis attributes BidX1’s rapid success in the Cypriot market to the convenience and transparency that their model provides, the wide range of investment opportunities available on the platform, and the firm’s leading technology.

“It’s clear that Cypriot buyers have embraced our online auction model – they value the range of investment opportunities that our catalogues offer, as well as the efficient and transparent nature of our sale process,” said Karagiorgis. “We would also like to thank our clients – the private and corporate sellers who trust us to get best value for their assets – for being part of our journey to date.”

To take part in the next BidX1 auction, interested parties must pre-register on the BidX1 platform, 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.

Registration opens on Monday, October 14. In the meantime, BidX1’s team of commercial and residential specialists are available to arrange viewings, answer any questions about the properties, or to assist with registration.

To get in touch with the BidX1 Cyprus team, please call: 22 000 380 or email info@cy.bidx1.com.