BidX1’s first Cyprus auction sells €9.5m of assets

The online auctioneer has sold €9.5m, or £8.2m, of real estate assets in Cyprus’ first digital auction.

There were over 220 bidders registered for the sale, all based in Cyprus, with BidX1 recording almost 2,000 bids. All of these bids, as well as the final sale price for each asset, are displayed publicly on the BidX1 platform, underlining the transparency of the process.

The company officially launched its digital marketplace in Cyprus in September. BidX1 also has properties across all asset classes for sale in Ireland, the UK, Spain and South Africa.

Kritonas Onisiforou, who leads the operations at BidX1’s Cyprus office, commented on the first sales and said he experienced “first-hand the appetite” for an alternative to the traditional transaction model.

He added: “The property market in Cyprus is particularly dynamic, and the results underlined this. Liquidity on our platform yesterday was €36.2m, indicating a significant demand for additional opportunities.

To date, BidX1 has sold €1.6bn of properties, with €800m sold on the digital platform in the last three years. The first sale of Spanish property will take place on 30 October, with more than 100 properties being offered.

BidX1 has a varied customer base, from private equity groups to banks, property fund managers, receivers and liquidators, property companies, as well as individual private sellers wishing to avail of the speed and transparency of the process.

Further expansion into new markets is planned for 2020, including Greece, Portugal and Italy.