Buying in Cyprus

Our teams list hundreds of properties each month in locations across Cyprus, offering an exceptional range of investment opportunities.

Try online bidding for yourself using our demo feature, read our buyer's guide to get an overview of the full process, or browse our FAQs below.

And if you've still got questions, we're here to help.

FAQs: Cyprus

 

How much is the deposit? 

A deposit must be provided when registering to bid. The amount will depend on the reserve price which has been placed on the property and the number of properties you wish to bid on, subject to change. The amount required for any given property is displayed when you click into the relevant property. 

Payment of the deposit can be made via debit/credit card or by bank transfer. If you pay via debit/credit card, the deposit will be taken from your card only at the time of registration. If you are not the successful bidder on the day of the auction, the deposit will be returned to your card (or your bank transfer will be returned in line with our terms and conditions).

 

How does the BidX1 process work?

Our digital platform is secure and efficient, combining cutting-edge technology with market-leading property expertise. The BidX1 team have sold thousands of assets through the platform, from houses and apartments to offices, industrial units and development sites, as well as large-scale investment portfolios.

The process is straight-forward and user-friendly. All bidders register in advance of the auction and provide a deposit, relative to the reserve price of the property. Every bid placed during the auction is logged and displayed on the website in real-time; the process is fully transparent. BidX1 exchange contracts on behalf of both the buyer & the seller on auction day, and these contracts are legally binding.

 

When is your next auction?

If you’d like to be notified about our latest Cypriot catalogues, 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.

 

What kind of properties do you sell?

We sell a broad mix of commercial and residential properties. Our sellers include private individuals, government agencies, charities, receivers & insolvency practitioners, housing associations, private equity funds and developers. 

 

How much does it cost to sell a property at a BidX1 auction?

Our fees are broken down into an initial entry fee followed by a commission (a percentage of the sale price). Fees vary depending on lot size and property type; this is something that can be further discussed on enquiry. For more information on the benefits of selling with BidX1, or to get in touch with our team about your property, click here. 

 

What makes an auction different from a private treaty sale?

Unlike the private treaty process, auction properties are not sold ‘subject to contract’, ‘subject to finance’ or ‘subject to survey’. When a lot is sold, a legal and binding contract has been formed: if you are the successful bidder, you are legally obliged to complete the sale.

We strongly advise potential purchasers to check that they have read and understood all the various legal documents and terms & conditions prior to bidding.

 

Can I view a property before the auction?

We normally hold 2-3 open viewings for each property. Viewing times are listed on the relevant property page. Please note that it may be a few days from the launch of the catalogue before viewing times have been arranged.

 

Can I arrange a survey before the auction?

Yes – surveyors are welcome to attend one of the open viewings.

 

Where can I view the legal documents relating to a property?

The vendor's solicitor prepares a legal pack containing special conditions of sale, title deeds, leases etc. These documents will help you and/or your legal adviser to make an informed decision about the property.

The legal pack can be downloaded from the relevant property page. Simply click on the 'View Legal Pack' button below the property summary.

Please note that you will need to create a BidX1 Account to access the legal documents. This is free and takes less than two minutes. 

 

Do I need mortgage approval in order to buy a property at auction?

If you need to arrange a mortgage, it is important that you obtain a binding offer from your lender before the auction. Most building societies and banks will wish to instruct a surveyor to prepare a valuation report before making a mortgage offer, so you will need to make your mortgage application as early as possible.

You will usually need to complete your purchase 46 weeks after the auction and should discuss this with your lender to make sure that this will not be a problem.

Please note that auction properties are not sold ‘subject to contract’, ‘subject to finance’ or ‘subject to survey’ – if you are the successful bidder, you are legally obliged to complete the sale.

 

How long do I have from the day of the auction to complete the sale?

You will usually need to complete your purchase (transfer the full amount to the vendor’s solicitor) foursix weeks after the auction. However, the exact closing date for each property will be stated in the Contract for Sale, which is available in the legal pack for each property.

 

Can I buy a property before the auction?

A small number of properties are sold prior to auction. Please contact the relevant BidX1 contact if you wish to discuss this; his/her contact details will be listed on the property page.

 

Can properties be withdrawn from the auction?

On some occasions, properties are withdrawn from the auction. This is often because the legal documents have not been prepared with enough time for potential buyers to complete the necessary due diligence. In many cases, these properties will be re-offered at a future auction date.

 

What does ‘Reserve’ mean?

Each property has a Reserve Price – the lowest price that the seller is willing to accept for the property. If the bidding does not reach the Reserve Price, the property cannot be sold.

 

What does ‘Guide Price’ mean?

The exact Reserve Price will not always be available publicly. This is usually the case for commercial properties, where a Guide Price is shown instead. This Guide Price gives an indication of the Reserve Price  typically within 10%. If the bidding does not reach the Reserve price, the property cannot be sold.

The Guide Price will be displayed on the relevant property page. Guide Prices are subject to change.

 

What does ‘Invited Opening Bid’ mean? 

As properties cannot be sold for less than the Reserve Price, we’ll set an appropriate starting bid on the day of the auction. This is known as the Invited Opening Bid – 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 €6 million. 

The Invited Opening Bid will be made public the day before the auction and is displayed in the blue bidding panel to the right of the main property image (or at the bottom of your screen if you’re using a mobile device). It replaces the ‘Reserve’ or ‘Guide Price’ figure.

 

When does registration for bidding open?

Registration usually opens 6 working days prior to the auction. The registration opening date and time is displayed on each individual property page as timings are subject to change.

 

How do I register to bid on a property?

The registration process is easy, and includes the following steps:

  1. Create a BidX1 Account (a Personal Account if you wish to bid as an individual or with other people, a Company Account if you plan to bid on behalf of a company)
  2. Log in to your Account
  3. Navigate to the property that you wish to bid on
  4. Click on the blue 'Register to Bid' button

You'll then be asked to do the following:

After these steps have been completed, we will review your registration and let you know once you are approved to bid.

 

Are there any registration/administration fees? 

There are no administration fees payable by the buyer.

 

What information do I need when registering to bid?

When registering to bid at an auction, you will need to have the following information to hand:

Your Identification Documents 

Additional Purchaser Information – If you are purchasing the property with another individual, you will need to provide details about this individual including their name, email address and phone number (they will receive an email asking them to confirm these and to provide further details and identity documents).

Director & Shareholder Information – If you are purchasing the property on behalf of a Company, you will need to provide details about the Directors and Shareholders including their names, email addresses and phone numbers (they will receive an email asking them to confirm these and to provide further personal details and identification documents). 

Solicitor Information – Details of your solicitor including the firm name, contact name, address & phone number.

Payment Information – Credit/Debit Card details or Bank Account details. 

 

How do I place a bid?

Once you have been approved to bid by our teams, you are free to place bids as soon as the auction opens. Placing a bid is easy, and you can practice at any time using our Bidding Demo. 

Note that 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. On the right-hand side of this page (or at the bottom of your screen if you’re using a mobile device), you will see the Bidding Panel.

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. 

In both cases, you will be asked to confirm your bid amount before it is placed.

We will also keep you informed of your bidding via email notifications – you will receive an email for your records each time that you place a bid and if you are out-bid, a further email will be sent to notify you of this.

Please note that if a bid is placed within 60 seconds of the scheduled closing time, an additional 60 seconds will be added. This is known as an extension period. During an extension period, any further bid that is placed will result in the clock re-setting again for a further 60 seconds, giving all registered bidders a fair and equal opportunity to place another bid. This will continue to happen until a full 60 seconds passes with no bids being placed.

 

Can I place bids over the phone?

No; our auctions are fully online and we cannot accept bids over the phone.

However, our bidding technology is compatible with mobile phones, allowing you to place a bid from anywhere in the world with a working internet connection. We have also developed an Auto Bid function, which will place bids for you up to a pre-set limit decided by you.

 

What happens if I have an unreliable internet connection?

We have developed a number of features to help in this instance:

Warnings

Our platform can usually detect when there is a connectivity issue between your device and our bidding system. In such instances we will inform you with on-screen prompts outlining the current connectivity issue e.g. slow speeds, complete loss of connectivity detected etc.

Auto Bids

Our platform will allow you to enter an automatic bid with a pre-set maximum amount that cannot be viewed publicly. The system will enter bids for you, only in order to maintain your position as the highest bidder, and only up to the maximum amount that you’ve specified.

If this maximum bid is overtaken, you will be notified via email and can enter another higher bid if you so choose.

Multiple Devices

Our platform will allow you to be logged in as a registered bidder on multiple devices simultaneously. This can mitigate the risk of losing broadband connection, or mobile connection.

 

When does bidding open?

Bidding typically opens on all properties at the same time on the day of the auction. The opening time will be clearly advertised for all properties.

 

When does bidding close?

Although bidding on all properties usually opens at the same time on auction day, the closing time for each property is different – this time will be advertised in the bidding panel on the relevant property page. Properties typically begin to close from 9am, sometimes earlier, and usually follow a staggered closing pattern of one property every 2 - 3 minutes. Make sure you check the closing time for your property in advance of the auction. 

Please note that if a bid is placed within 60 seconds of the property's closing time, an additional 60 seconds will be added. This is known as an extension period, and is detailed further below.

 

What is an extension period?

The closing time for each property on auction day is different – this time will be advertised in the bidding panel on the relevant property page. However, if a bid is placed within 60 seconds of the property's closing time, an additional 60 seconds will be added. This is known as an extension period.

During an extension period, any further bid that is placed will result in the clock re-setting again for a further 60 seconds, giving all registered bidders a fair and equal opportunity to place another bid. This will continue to happen until a full 60 seconds passes with no bids being placed.

Due to variations in browser and connection speeds, bidders are advised to make a bid with at least 10 seconds remaining on the clock.

 

What is an Auto Bid?

Our platform will allow you to enter an automatic bid with a pre-set maximum amount. This is known as an Auto Bid, and it cannot be viewed publicly. The system will enter bids for you – but only in order to keep your position as the highest bidder, and only up to the maximum amount that you’ve specified.

If this maximum bid is overtaken, you will be notified via email and can enter another higher bid if you so choose. It is important to note that once set, an Auto Bid cannot be cancelled.

 

I am the winning bidder. What are the next steps? 

The successful bidder will receive both an email and a phone call from BidX1 confirming that they have purchased the property. BidX1 immediately signs the reservation agreement on behalf of both buyer and seller, and you are required to provide a 10% deposit within 2 working days of receipt of the seller's written notification that all the required know-your-customer documents and/or information have been provided to the seller's satisfaction. Some of this amount has already been paid by the deposit provided when you registered to bid. This means that the amount required at this point is 10% of the purchase price, minus the deposit provided during registration.

 

What does STC mean?

STC – Subject to Confirmation. This means that once the auction has finished, the winning bid will be subject to approval by the vendor.