Property News | Spanish property lottery

Browse By Subject

Money

Property

Social

Professional

Spanish property lottery

Wednesday, November 05, 2008

Catherine Deshayes

Whoever said it's all about the taking part had obviously never won anything - but this, the latest in the 'win a home' fad, could change all that...

First we had the Grand Designs house, yours for the price of a raffle ticket; then we had the £8.5 million apartment block in central London, which could be yours if you buy an MP4 player. Now, the phenomenon has migrated to Spain, with the launch of a holiday complex lottery...

The credit crunch has made people rethink their finances and look for other ways to sell their homes to gain the price they want.

The latest fad seems to be putting a property up for raffle, or into a lottery. An entire self catering holiday complex in San Blas in the Andalucian countryside, including the owner's four-bedroom house, is to be given away in the most recent property lottery to be announced.

The complex, which is worth £1.2 million, could be yours for just £20. Currently owned by two English men who have fully restored the property, the complex comes with seven self-catering cottages and apartments, a swimming pool and 15 acres of stunning countryside.

The winner will receive ‘a complete set up for life,' - the freehold, full and clear title deeds, free of any debt or mortgage, plus the four-bedroom main house and seven self contained units totaling 12 bedrooms, nine kitchens, 12 showers, 13 toilets, 15 acres, and swimming pool.

The winner will also be handed all the future bookings for the San Blas holiday complex so will be able to start their new business in the sun straightaway.

The grand draw will take place at a party at San Blas on May 1^st next year (dependant on all tickets being sold) and will be overseen by a number of independent Spanish solicitors.

Call me cynical but I can't see how these things ever work. The concept relies on selling enough tickets to recoup the value of the property and, at £20 a ticket, that means A LOT of sales are needed.

The owners of San Blas do have a contingency plan though so you don't miss out totally- at any time between the day you buy a ticket and the day of the party, your ticket can be exchanged for their equal value towards booking and renting one of the self catering cottages or apartments at San Blas.

In the event that all of the tickets are not sold by September 1st 2009, the raffle will take place and the winner will receive a guaranteed £202,500 minimum, depending upon the size of the pot at the time.

For more details about the lottery and to buy a ticket, go to www.sanblasforsale.com