Apartment In South Tenerife - Closed - Refunds
Prize Villas are inviting you to enter yet another property competition. This time for £2.50 a ticket (plus an admin charge) you have the chance to win a three bedroom apartment in South Tenerife. It's close to the airport and would make an ideal holiday home or holiday let option.
Launched: 19th January 2021 Closed: 21st June 2021
Platform: Prize Villas
Location: Las Chafiras, Tenerife, Spain,
House Value: £180000 (3 Bedrooms)
Ticket Price: £2.58
Minimum Ticket Target: 120000
Tickets Sold: Unknown
Cash Alternative: 70% of ticket sales
A three-bedroom first floor apartment in Residencial Biltmore, Las Chafiras is the prize that's available in the fourth addition to the Prize Villas platform. It's been used for the past 12 years as a holiday home but the owner, Dean Froom now wishes to sell it on. Whilst the location of the property is well documented no valuation is provided. However we have found a very similar property for sale on Lupain.com which gives a valuation of around 210,000 Euros - or about £180,000. It's worth taking a look at this listing because it shows images inside an apartment, something this competition lacks!
How To Enter The Competition
Details of the apartment are provided but a few images wouldn't go amiss. As well as the three bedrooms the apartment has a fitted kitchen and a lounge dining room with sliding doors to a terrace area. The property will come unfurnished - which is unusual for overseas properties - but will be redecorated and have a new fridge and wasging machine. No details are provided about community charges etc. but the complex does have two large pools. 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%.
120,000 Ticket Sales
Froom hopes to sell a maximum 120,000 tickets (total revenue £300,000) 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.
The Prize Villas platform continues to grow and there are some elements on the site. The no purchase necessary postal route and option to pay via crypto add to the offering. It's biggest issue is whether it can create a house winner and get more media/player interest. This particular apartment is quite nice and in an ideal location for a holiday home/let. However we do think that 120,000 tickets is going to be a tough ask! It is however worth noting that this is the maximum ticket target so the property could be won if less tickets are sold. For that to happen there needs to be better promotion of the competitions.
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.
Footnote: Spanish properties attract a hefty tax on purchase. This can be up to 19% of the property value although this may be covered by the promoter so do check the terms. Note also that since Brexit UK citizens can only spend 90 days out of every 180 in the EU. If you win and rent out the property then you will also have to pay tax.
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