Buying a property through BidX1 is easy. The process is straight-forward and user-friendly, and our teams are on hand to help with everything from property viewings to the registration process.
Everything can be arranged remotely on your phone, laptop or tablet, so you can register and bid on a property wherever you are, on whatever device you’re most comfortable using.
All of our current properties are listed here. If you’d like to be notified when new properties in Cyprus are available, it's a good idea to join our mailing list. You can do so by clicking the 'Sign Up' button at the bottom of every page on our website.
Each property is managed by one of our specialist surveyors. They will be available to answer any of your questions in the run-up to bidding.
Each property has a reserve price – the lowest price that the seller is willing to accept for the property. It’s an important figure, because no property can sell for less than this. We’ll always provide an indication of the reserve to give you an idea of where bidding will start. You will see this listed as ‘Guide Price’ or ‘Reserve’ for each property. (Our FAQs section deals with some other auction terms that will be useful to understand).
Open viewings for each property are also listed so you’ll be able to visit the property and arrange a survey if required.
The BidX1 platform is fully transparent. All of the legal documentation relating to a property is provided by the seller’s solicitor and made available on our website, along with the other information relating to the property. You’ll need a BidX1 Account to view these legal documents; it only takes a minute to create one.
Examining the legal documents is an important part of the process because our auctions are unconditional – once a property is sold at a BidX1 auction, a legal contract has been formed and the successful bidder is legally obliged to complete the purchase.
If you’re interested in a property and want to bid, you’ll need to register with us. This is a straight-forward process and involves providing proof of identification and proof of address, as well as providing a Bidder Security payment. The payment amount will depend on the reserve price for the property and is fully refundable if you are not the successful bidder.
The registration process is important, providing a foundation of trust for both buyers and sellers. Our bidders know that all parties have completed the same registration process, pre-committed a Bidder Security payment and, if successful, will be legally bound to complete the sale.
Placing a bid is easy, and you can practice at any time using our Bidding Demo.
As properties cannot be sold for less than the reserve price, we’ll set an appropriate starting bid. This amount will be made public the day before the auction and it’s the lowest bid that can be placed on the property. For example, you won’t be able to place an opening bid of €1,000 on a property reserved at €4 million.
Once bidding opens, approved bidders are free to place bids on any properties they have registered for. Although bidding on all properties will open at the same time, each property will have a different closing time – make sure to check the opening and closing times on your chosen properties so you’re ready to go on the day.
Bidding takes place on the relevant property page – the same page that you’ve been visiting to get information about the property and to register for bidding.
There are two bidding options to choose from: you can place a bid manually by using the 'Instant Bid' button or set an 'Auto Bid' to let the system do the work for you.
The sale process is fully transparent: all bids are logged and displayed on the property page in real-time, and we’ll notify you on screen when you’re the highest bidder or if you've been outbid, so you’ll know exactly what’s happening at all times. There’s no need to worry about privacy though – bidders are only identified by a number.
If you don’t want to place bids manually, you can set an Auto Bid. In this case, the system will enter bids for you – but only to maintain your position as the highest bidder and only up to the maximum amount that you’ve specified. Your pre-set maximum can’t be viewed publicly, so only you will know how high you’re willing to go.
Each property has a separate closing time which will be listed on the property page. However, it’s not a case of ‘fastest finger first’ as the clock runs down. If a bid is placed within 60 seconds of the closing time, an additional 60 seconds will be added to the clock. We call this an Extension Period, and it gives everyone a fair and equal chance to place an additional counter-bid, if they wish to do so. This will continue to happen until a full 60 seconds passes with no bids being placed.
Once bidding has closed, we immediately sign contracts on behalf of both buyer and seller. If you’ve been successful – congratulations! – you will need to arrange payment of a 10% deposit within ten working days. A proportion of this 10% has already been provided by the Bidder Security you committed during registration, so you only need to pay the balance. Don’t worry; we’ll give you a call on the day to discuss any queries.
If you’ve been out-bid – there’s always next time!
