4 Bed Villa In Tenerife - Cash Winner
A stylish and luxurious 4-bedroom semi-detached villa in South Tenerife is the prize available in this competition and it could be yours for just £2.50. This is one of the first competitions to run on the new Prize Villas platform - a service specifically for holiday property or vacation prizes.
Launched: 29th September 2020 Closed: 12th February 2021
Platform: Prize Villas
Location: Costa Adeje, Tenerife,
House Value: £450000 (4 Bedrooms)
Ticket Price: £2.58
Minimum Ticket Target: 260000
Tickets Sold: 19820 Revenue: £51135.6 (Estimated)
Cash Alternative: 70% of ticket sales
A number of overseas properties have been offered as prizes in win a house competitions over the years. A handful have even appeared on Raffall. To date success has been limited but Prize Villas are hoping their approach will change things. They're basically similar to Raffall in that they'll host competitions for owners looking to sell their properties via a competition. One of the first to try this approach is Hermes Paccagnella who is giving entrants the chance to win villa in Tenerife. It has been a family home for 12 years but the owners are now looking to downsize.
How To Enter The Competition
The villa can be found in Costa Adeje and is located 1.2km from Del Duque Beach. It has four bedrooms, a private swimming pool and barbecue area situated in a walled garden. The villa will come fully furnished so ideal for someone wanting to rent it out, use it as a holiday home or even look to move to Tenerife. All of the various duties, taxes, legal and notary costs are covered by the owners and the sales process will be handled by C.I Property Group - an agent that's been appointed to oversee things.
To enter the raffle you need to be registered with Prize Villas. This can only be done with an email login. Once at your chosen house raffle page it's a case of answering a question and purchasing tickets. The questions are easy but do make sure you get the right answer as you'll still pay regardless of whether you're right or wrong. Tickets cost £2.50 each plus a 3% surcharge for costs - as far as we know there's no limit to the number you can purchase and you can purchase online using debit cards. All Prize Villas competitions must make a charitable donation and the minimum is 1%.
260,000 Ticket Sales
Paccagnella hopes to sell 260,000 tickets (total revenue £650,000) to conclude the draw. If insufficient tickets are sold then the winners will receive a share of the compensation amounting to 70% of all ticket sales. All compensation payments are guaranteed and paid directly by Prize Villas. Note that like Raffall, if all the tickets are not sold then the promoter/owner of the competition receives no money at all from the site.
We're not surprised to see this type of site appear but didn't entirely expect it for the overseas property market, especially as competitions for these properties are rarely successful. As it's early days for Prize Villas they're going to have to work hard to generate interest - perhaps more so than any UK property site. The four bedroom villa however does look great and the pool very inviting. We would like to know the property valuation and perhaps see more images - but for now it'll be interesting to see how this new platform develops.
As of the 18th December the competition closing date has been extended to 12/2/21 from 31/12/20.
Disclaimer: Details shown above were correct at time of writing and are provided for information purposes only. Images are used under fair use policy. Map location is approximated by Google based on postcode/location info. Any links provided are not an endorsement from Loquax. In some cases Loquax may earn a referral fee from sales this does not effect our review. We strongly advise all visitors do due diligence on each contest before deciding to enter. Terms and conditions apply. Begambleaware.org.
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