Buying property at auction

Properties can often go for less than those sold through an agent but you know how the proceed

What kind of properties are sold at auction?

Any kind of property can be sold at auction. Some properies are sold subject to tenancy, others with vacant possession. However, most properties in Cyprus are placed on auction for a quick sale.

- Properties that generate a great deal of interest

- Properties in need of renovation

- Land for re-development

- Properties where owners need a quick sale to relocate, either here or aboard.

- Any commercial property [incl. land, shops, hotels ect...]

Who buys properties at auction?

Until recently, auction properties were mainly bought by investors looking to sell them on at a profit. But now, more and more people are using auctions to find homes, shops or land.

The main advantages of buying at auction!

Sales at auction are quicker, usually within 28 days. A property is only worth what someone is prepared to pay, the bidding system is transparent so you know what the other buyers are offering, so you won't end up putting in a higher bid than necessary to secure your purchase. Hence, the property meets its value! In general, auction properties are normally cheaper than those bought through a selling agent.

How to find out about property at auction

You need to be on the auctioneers' mailing list by telephoning HPA [Cyprus] Ltd. FREEPHONE 80004445 or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it . You will then be sent a catalogue listing properties for sale, general information of the property and a guide price. Property often reaches more than the suggested guide.

Catalogues can be obtained one month prior to the date of auction. If you are however interested in a specific property you need to act quickly, you can place a bid and buy prior to auction.

Arranging finance!

Finance can be arranged on a property prior to auction. [More infomation on request]

When i see a property i'm interested in?

Contact Harrison Property Auctioneers and arrange a viewing.

How do i decide on how much to bid?

Decide your maximum bid by taking into account the cost involved [i.e. solicitors, auction fee, and any transfer taxes that may arise].

Can i place a bid before the auction?

Denfinately; contact the auctioneer and place an offer, the vendor may accept the offer, to save themselves the trouble of going to auction.

Documentation required when buying at auction!

Proof of your identity [passport or ID], solicitor's details, banker's draft [if the property goes for less, the difference will be refunded by the auction house] or cheque of 10 per cent of the value of the property. speak to your bank beforehand to arrange this. Harrisons is unable to accept the deposit payment in cash.

I can't attend the auction, what do i do?

You can bid via telephone, or ask your solicitor to bid on your behalf.

How bidding works

The vendor will have a fixed reserve price. This is the lowest price they are prepared to accept and if the property does not reach this price, the property will not be sold.You can also approach the auction staff after the auction and give them your details; they then can attempt to negotiate a sale price with the vendor.

Successful bids

If the property reaches its reserve price and you are the highest bidder when the gavel [hammer] falls, the property becomes yours. You will then be approached by a member of the auction team and taken to the clerk. You will then be given a contract, which you will then sign, pay the 10 per cent deposit fee and give to your solicitor the balance within 28 days. You are then responsible for the property, get building insurance straight away!

- Harrison property auctioneers believe the auction method is a positive and practical approach to buying all types of properties. Auctions offer the very best of maximum exposure to the vendor and the buyer and a powerful and informative marketing areas like Cyprus. Contact HPA Cyprus Ltd. for any more infomation regarding auctions in Cyprus. Call FREE now on 80004445, visit www.harrisonauctioneers.com or email at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .