Award-winning digital marketplace for real estate BidX1 is anticipating strong Lebanese interest in its first sale of real estate in Cyprus, which runs online on October 23.
The properties listed to sell, available on www.bidx1.com, feature a mix of residential and commercial lots, many offering attractive investment opportunities with immediate income The 62 lots, spread throughout the main centres of Paphos, Nicosia, Larnaca and Limassol, include apartments and villas, shops, offices and commercial blocks, as well as commercial and mixed-use land sites with reserves ranging from €30,000 to €1,600,000.
“The catalogue encompasses all asset classes from private homes to high value commercial properties. The diverse range presents opportunities to own income producing residential alongside assets with development potential,” explained BidX1 Cyprus Manager Kritonas Onisiforou.
BidX1, which is revolutionising the property sector, has identified favourable pricing; lifestyle synergies; proximity to the Mediterranean island; its investment-to-citizenship scheme and the presence of an established Lebanese community within Cyprus as key factors attracting Lebanese investors to the properties available on the digital platform.
“Cyprus has long been popular with Lebanese travellers and investors who are attracted by its lifestyle and climate similarities, availability of world-class health and education, all of which is within a 20-minute flight or two hour ferry trip,” explained Onisiforou.
“Lebanese visitors can travel relatively easily to the island with visas being issued via the Cypriot embassy in Beirut, real estate is much more competitively priced than in Lebanon and construction quality can be higher. There’s also the fact that property ownership is a condition of the Cyprus citizenship-by-investment program which can be a gateway to EU passport qualification. Put simply, an investment of €300,000 will get a Lebanese buyer Cypriot permanent residency, while an investment of €3 million can secure a passport in two months.”
BidX1, the global digital marketplace for real estate, recently launched operations in Cyprus. Buying via BidX1, which uses cutting-edge proprietary technology, provides full transparency, accessibility, reach and efficiency.
“The platform enables buyers and sellers to transact real estate assets online, from anywhere in the world, on any device, securely, efficiently and confidently”, explained Johnny Horgan, Managing Director of Europe at BidX1.
“Approximately €450 million across 2,000 properties are set to be sold globally via the BidX1 marketplace in 2019.”
Potential buyers must complete a registration process, provide proof of identification and address, and pre-commit a deposit that is retained only if the bidder is successful.
Cyprus is the latest country to join the BidX1 global network which also includes Spain, the UK, South Africa and Ireland. The company plans to add operations in Portugal, Greece and Italy next year.
“Our digital model is now reshaping how real estate is bought and sold and is creating an international network of real estate buyers and sellers”, said Horgan
“The opportunities globally for this digital platform are immense as both buyers and sellers are looking for an alternative to the traditional transaction model. BidX1 has the opportunity to be at the forefront of that change globally as digital transformation in real estate continues to overhaul the industry.”