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FAQs Cyprus

Frequently Asked Questions

Our digital platform is secure and efficient, combining cutting-edge technology with market-leading expertise to enhance the property transaction process. The BidX1 team have sold thousands of assets on 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.

Our 2019 Calendar provides a full list of auction dates. You can select ‘Cyprus’ if you wish to view Cyprus auctions only.   

If you’d like to be notified about our latest Cyprus catalogues, sale results and other property-related information, sign up for alerts.

We sell a broad mix of commercial and residential properties from houses and apartments to retail units, offices, industrial units and developments sites, as well as large-scale investment portfolios.

We sell for private individuals, government agencies, charities, receivers & insolvency practitioners, housing associations, private equity funds & developers, all of whom are seeking the best and most transparent price, via maximum market exposure and competitive bidding.

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: Selling with BidX1.

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.

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

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

The vendor’s solicitors prepare legal packs 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 lot.

Legal documents can be downloaded from the relevant property page. Simply click on the ‘Legals’ tab below the images of the property.

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.

If you need to arrange a mortgage it is important that you obtain a binding offer from your lender before the auction. Most 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 2-4 weeks after the auction and should discuss this with your lenders 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.

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

A small number of properties are sold prior to auction. Please contact the relevant BidX1 Property Contact if you wish to discuss this.

The key contacts for each property are listed on each property page, below the property images. Scroll down and you will find the relevant surveyor listed under ‘Property Enquiries.’

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.

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.

The Reserve Price will be displayed in the bidding section for each property, to the right of the main image.

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 in the bidding section for each property, to the right of the main image. Guide Prices are subject to change.

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 €6m.

The Invited Opening Bid will be made public the day before the auction and is displayed in the bidding section for each property, to the right of the main image. It replaces the ‘Reserve’ or ‘Guide Price’ figure.

Typically, registration opens 6 working days prior to an Auction. The registration opening date and time are advertised on individual lots as timings are subject to change.

The registration process is easy, and a full Registration Guide is available for further details.

  1. Create a BidX1 Account
  2. Navigate to the property that you wish to bid on
  3. Click on the pink 'Login/Register to Bid' button in the bidding section on the right-hand side of the page
  4. Complete the following sections:
  • Fill in your personal details
  • Read and accept the Terms & Conditions
  • Confirm your selected lot(s)
  • Payment of Deposit 

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

A deposit must be provided at the time of registration. This amount will be dependent on the reserve price which has been placed on the property and the number of lots you wish to bid on, subject to change. The amount required is displayed in the bidding section for each property, to the right of the main image.

Payment of the deposit can be made via debit/credit card of bank transfer. If you pay via debit/credit card, the deposit will be taken from your card only if you are the successful purchaser of the property. If you are not the successful bidder, the hold on your card will be released (or bank transfer returned in line with our terms and conditions).

There are no administration fees payable by the buyer.

When registering to participate in a BidX1 Digital Auction you will need to have the following information to hand:

Bidder Information – Details of the individual placing the bid including name, address & phone number.

Bidder Identification Documents – we will need the following:

  • Proof of Identification (copy of current passport or driving licence)
  • Proof of Address (bank statement, utility bill or Government-issued correspondence dated within the last 6 months)

Purchaser Information – Details of the individual or other Legal Entity purchasing the property, if different from the bidder, including name, address & phone number.

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

Payment Information – Credit/Debit Card details.

Once your bidding registration application has been authorised by the BidX1 Team and the bidding period opens, you are free to place bids on your approved lot. Bidding takes place on the relevant property page – the same page you’ve been visiting to get information about the property and to register for bidding.

Placing a bid is easy:

  • Log into your BidX1 account
  • Click into the property you are approved to bid on
  • On the right-hand side of the page, you will see the bidding section. Here you can decide the amount that you want to bid, your Next Bid, by using the + and – buttons.

When you're happy with the bid amount, you can either:

  • Place Instant Bid - This will place a single bid for the amount you have specified.
  • Set Max Bid - This will set a Maximum Bid for the amount specified. The computer will then enter bids for you, only as it becomes necessary to keep your position as the winning bidder, and only up to the maximum bid price that you’ve specified. Your Max Bid cannot be viewed publicly.

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

We will keep you informed of your bidding via email – you will receive an email for your records each time 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 lot’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.

A Bidding Increment refers to the amount which you can bid on a property. Our default bid amount is €1,000. This means that €1,000 is the lowest bid you can place, and that you’ll only be able to bid in multiples of €1,000 eg. €2,000, €3,000, €4,000 etc.

It is possible that a lot will have a different (higher/lower) Bidding Increment. This change will be clearly advertised on any impacted lots.

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 a Maximum Bidding function, which will place bids for you up to a pre-set limit decided by you.

We have developed a number of features into our online auction platform 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.

 

Maximum Bids

Our platform will allow you to enter an automatic bid with a pre-set maximum amount that can’t be viewed publicly. The computer will enter bids for you, only as it becomes necessary to keep your position as the winning bidder, and only up to the maximum bid price 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.

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

Although bidding on all lots usually opens at the same time on auction day, the closing time for each lot is different – this time will be advertised on the relevant lot page. Lots can begin to close from 9am, sometimes sooner, and usually follow a staggered closing pattern of one lot every 2 - 3 minutes. Make sure you check your approved lot(s) closing times in advance of Auction Day.

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

The closing time for each lot on auction day is different – this time will be advertised on the relevant lot page. However, if a bid is placed within 60 seconds of the lot’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.

Our platform will allow you enter an automatic bid with a pre-set maximum amount. This is known as a Maximum Bid, and it cannot be viewed publicly. The computer will enter bids for you, only as it becomes necessary to keep your position as the winning bidder, and only up to the maximum bid price 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, a maximum bid cannot be cancelled.

The successful bidder will receive both an email and a phone call from BidX1 confirming that they have purchased the property. BidX1 immediately sign contracts on behalf of both buyer and seller and you are required to provide a 10% deposit within 48 hours. 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.