Interview of Mr. Onisiforou of BidX1
Awarded company BidX1 recently announced a new digital property sale in Cyprus in July. The company managed to achieve business continuity during the lockdown with the sale of property of total worth 2.3m EURO. The catalogue of the upcoming auction includes great investment opportunities such as apartments starting from 40,000EURO and residential plots from 25,000 EURO.
Cyprus Times spoke to BidX1 Cyprus’ Head of Real Estate, Mr. Kritonas Onisiforou, who pointed out that digitalization and modernization of processes are crucial for the future of the real estate industry.
Mr. Onisiforou, BidX1 seems to be quickly recovering from the Covid-19 crisis. You kept working during the lockdown and now you are planning a new auction in early July. Tell us a bit about your activity.
Yes, we were pleased that our innovative approach to property sales allowed us to continue trading throughout the lockdown period – investors were able to complete the full transaction online using our digital platform.
At the same time, we quickly recognized the scale of the challenges facing our industry – both during the immediate crisis and in its aftermath – and we felt that greater collaboration could help address those challenges. For this reason, we made the decision to open the digital platform to other real estate vendors who wish to work with us on a Joint Agency basis, allowing them to avail of our online sale process and global investor audience.
What do you foresee for Cyprus’ real estate industry in the upcoming months? What are the lessons to be learned and the way forward?
You know what they say: in times of crisis, there are also opportunities. Our industry has taken a big hit, but on the positive side, Covid-19 has highlighted the inefficiencies in traditional methods and offers an opportunity to modernise – a transition that is crucial for the future of the real estate industry.
As a property firm with significant technology expertise, we believe that digitalisation is key, and that it can strengthen our industry, making it more resilient. Although there was very little real estate activity taking place during the lockdown, 18 of the 30 properties available on the BidX1 platform were sold, totaling 2.3m EURO. This was because the entire sale process, from legal due diligence to contract exchange, can be completed online. Thanks to the flexibility of our platform, buying and selling property was not affected by any restrictions on movement.
At the same time, modernising traditional processes will also make them more transparent, helping to create a mutual feeling of trust between sellers and buyers.
Tell us a bit about the current auction?
Our upcoming auction will take place on 8 July 2020. The catalogue is currently available on the platform (https://bidx1.com/en/el-cy/auction/properties/830), and brings almost €10m-worth of commercial and residential investment opportunities to the market, across a range of price points.
More than 50 assets will be offered on the day, including an attractive villa in Limassol, boasting a private swimming pool and two studio apartments, which will open for bidding at €1.750.000. Apartments in locations like Paphos, Nicosia and Famagusta are available with reserve prices starting from 40,000EURO, while residential plots also feature prominently, at reserve prices starting from 25,000EURO.
The process remains the same: to bid on a property, interested parties must pre-register on the platform by 7 July, providing proof of identification and proof of address, as well as a deposit that will be retained only if the bidder is the successful purchaser on the day of sale. Unsuccessful bidders will receive a full refund within 7 working days.
Our team is looking forward to discussing the properties with potential buyers and arranging virtual or physical viewings.
Regarding your recent announcement about the BidX1 app, what new features does this app entail?
The new BidX1 App offers the full suite of services to users, allowing them to browse all of our live properties, review the relevant legal documents for each asset, take virtual tours or arrange a physical viewing, and of course, to register for an auction and bid on the day of the sale.
The App is currently available to download for Android or iOS. We already have investors browsing properties on the App, and we expect that they will be using it on the day of the auction to bid and complete purchases.
