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Cyprus

BidX1 completes largest online property sale in Cyprus

BidX1, the digital property investment platform, has sold a residential plot and unfinished apartment block in Latsia, Nicosia, for €1.23 million. The sale, which took place on BidX1’s digital platform earlier this month, is the island’s largest online property transaction to date, according to the PropTech specialists.

The lot comprises an incomplete two-storey block of 7 apartments at the corner of Chrysostomou Street and Thrakis Street in Ayios Eleftherios, and a residential plot extending to 2,554 sq. m, located just across the street. 

Kritonas Onisiforou, Head of Property at BidX1 Cyprus, oversaw the sale:

“We are delighted to have completed such a substantial transaction on the platform; it’s proof that digital sales are gaining traction in the market, with benefits for both buyers and sellers.”

The acquisition provides the purchaser, a Cypriot developer, with significant potential; the apartments are situated on a site with enough space for the construction of an additional block of 7 apartments, of similar size to the existing block, while the nearby plot is zoned “Kα5” for residential development.  

Onisiforou expects to see more significant sales before year-end, noting:

“We are currently offering a wide selection of properties on the platform, at a range of price points - from houses and apartments to residential land and industrial investments. A luxury villa in Kannavia with a guide price of €500,000 and a leasehold warehouse in the Aradippou industrial zone guiding €900,000 are among the highlights.”

The firm will hold a stand-alone auction on 10th December for the luxury five-bedroom villa in Kannavia. The two-storey home has been a popular choice for short-term vacation rentals in recent years, with holidaymakers attracted by the beautiful modern interiors, swimming pool and stunning views.

Potential purchasers must provide proof of identification and proof of address in order to take part in the auction, as well as a deposit that will be retained only if the bidder is the successful purchaser on the day of sale. 

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