Northern Italy Lakeside Apartment Review
For just £2.50 you could become the owner of a beautiful lakeside home in Sarnico, Northern Italy. The property is fitted and furnished to the highest standards and has access to communal pools. This competition is hosted by Prize Villas.
Launched: 14th January 2020 Closes: 14th July 2021
Platform: Prize Villas
Location: Sarnico, Northern Italy,
House Value: £300000 (2 Bedrooms)
Ticket Price: £2.50 (Free Entry Available)
Minimum Ticket Target: 220000
Tickets Sold: Unknown
Cash Alternative: 70% of ticket sales
Prize Villas first two competitions were for properties in Spain and now they're seeing how things work out for a property in Northern Italy. On offer is a property from developer Residenze Nettuno Sarnico. The two bedroom apartment is located in the south west side of the Iseo Lake, at Sarnico, next to Nettuno Beach. According to the information on site it's a perfect base for destinations such as Bergamo, Milan, Venice and Lake Garda. Looking at listings on Dream Homes Italy the properties start at around 290,000 Euros.
How To Enter The Competition
The prize itself looks lovely - the perfect holiday apartment for anyone looking to have one in that area. The apartment consists of one double bedroom, one single bedroom and two bathrooms with a large panoramic terrace to the front. It has a private garage and is fitted and furnished to the highest standards. A communal area consists of parklands, swimming pools, panoramic terrace and solarium. 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 and there may be a 3% surcharge for costs. One thing to note is that if you use Mastercard then you can must buy a minimum of 2 tickets whilst for VISA you need to purchase 4. In essence this makes the cost £5 or £10 and not the more attractive £2.50 a ticket. At time of writing Prize Villas were having issues with payments and so VISA isn't an option.
220,000 Ticket Sales
Ironside hopes to sell 220,000 tickets (total revenue £550,000) 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.
This is Prize Villas first venture into Italy and it looks like a decent prize. Whether this will turn into a prize is another story. We do think the ticket target is high compared to the value of the property and the minimum ticket requirement is a minor quibble. We would like to see details of management fees/community fees plus perhaps some indication of rental possibilities. Additionally we'd like Prize Villas to explain the sales process such as if the winner requires a social security number and/or needs to visit Italy to complete the transfer.
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: Note 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 may also have to pay tax.
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