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.
Commenting at the launch of the new service in Nicosia today, Kritonas Onisiforou, Head of Property at BidX1 Cyprus, outlined the process:
“Private Treaty is the norm in Cyprus when it comes to real estate sales, and we are now bringing the transparency and efficiency of the BidX1 Digital Property Marketplace to this arena.
“We know there is an appetite for alternatives to opaque traditional sale processes. Our auctions have already proven popular with Cypriot buyers; almost €9.5 million worth of real estate was transacted during the first auction in October last year.”
BidX1 already has several assets listed on the platform which will be sold via Digital Private Treaty, and the local team of specialist commercial and residential experts, led by Onisiforou, will be available to answer any questions about the properties and arrange viewings.
BidX1 intends to bring more transparency and efficiency to real estate transactions. The legal documentation for each property will be available to view on the platform, meaning that potential purchasers can conduct due diligence prior to making an offer. An offer can be made through the platform at any time, for consideration by the vendor. In this case, offers are made subject to finance, as with standard property sales.
All offers will be logged and displayed publicly on the website, allowing interested parties to accurately assess the level of interest and pricing position (while users are identified only by a number and so remain anonymous).
BidX1 auctions, which involve bidding on a designated day and result in unconditional contracts, were brought to Cyprus last year. The second auction will take place on 19th February. More than 80 residential and commercial properties are being offered on the day, in locations like Nicosia, Limassol, Paphos, Paralimni and Larnaca, and the full catalogue can be viewed here.
BidX1 are also introducing a valuation service, leveraging the expertise of their Cypriot property team, and are encouraging those with a commercial or residential asset that requires valuation to get in touch with the local team.