Luxury Villa In Portugal Review
A six bedroom luxury villa is the prize on offer in this property prize draw. Located in The Algarve and just one hour from Faro airport it could be yours for just £20 a ticket. This is the first overseas property raffle being hosted by FrogHopping.
Launched: 15th August 2021 Closes: 15th December 2021
Location: The Algarve, Portugal,
House Value: £800000 (6 Bedrooms)
Ticket Price: £20.00
Minimum Ticket Target: 85000
Tickets Sold: Unknown
Cash Alternative: 80% of ticket sales
With six UK property competitions currently (August 2021) on their books, FrogHopping have now expanded overseas. This is a risky strategy as places in the sun don't tend to attract many suitors. The prize is a stunning villa in The Algarve and close to the popular airport at Faro. The exact location isn't provided and that makes the valuation difficult to gauge. Six bedroom properties for sale on The Algarve vary from £650,000 to £8million according to estate agent listings. We've therefore estimated the value at £800,000 but this may be on the lower side.
About The Property
The property is described as a luxury villa with six bedrooms, four bathrooms, a heated outdoor swimming pool and terrace. The ground floor boasts an open plan main living/dining/kitchen area whilst there's more living space on the second floor. Outside are gardens, a driveaway for up to three cars plus garage space. As far as we're aware the property comes unfurnished. We understand that FrogHopping will allocate a provisional Stamp Duty Allowance of 13% of the minimum selling price plus a contribution of £1500 to the winner's conveyancing fees.
How To Enter The Competition
To enter the competition you need to complete your details and answer a multiple choice question. Interestingly you can select all the tickboxes which is something that needs to be addressed. Furthermore you aren't told whether the answer you have selected is right or wrong. Make sure you double check your answers with Google! You're then redirected to a payment page where you can either pay by cards (on desktop) or with Paypal (via mobile). We have been concerned by the latter as a payment option for raffles/gambling but there seems to be some latitude now being allowed by Paypal for selected companies.
The owner of the property has set a minimum ticket revenue of £1.2million plus a ticket price of £20. On the surface this should mean a minimum requirement of 60,000 tickets but once fees and other costs are included then the competition could require almost 85,000 ticket sales. If insufficient tickets are sold then a cash prize alternative is paid out. This we think is around 80% of the total revenue? Interestingly a new term has been recently added - "all approved property listings receive 1% of competition revenue if the property doesn't reach its selling price". So at least the owners will receive some income if there's no house winner.
Unfortunately everything is against this property raffle completing. To date FrogHopping haven't finished a single competition - neither creating a home winner or cash winner. Therefore we don't know the level of customer engagement but given their minimal level of marketing we're not expecting great things as yet. Secondly, the property is overseas and typically holiday homes don't tend to attract as much interest when compared to properties in The UK. There of course exceptions, but they are rare. Finally the ticket price is high and at £20 less tempting for people to "take a punt" when compared to £2 to £5 tickets.
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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