Villa In Fanabe
For just £2.50 you could become the owner of a villa in Fanabe, Tenerife. It comes with built in jacuzzi and various seating areas plus use of communal pools. This competition is hosted by a new company running house raffles, Prize Villas.
Launched: 16th November 2020 Closes: 16th March 2021
Platform: Prize Villas
Location: Fanabe, Tenerife, Spain,
House Value: £400000 (4 Bedrooms)
Ticket Price: £2.58 (Free Entry Available)
Minimum Ticket Target: 230000 Tickets Sold: Unknown
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 Gina Ironside who is giving entrants the chance to win their villa in Tenerife. They are relocating back to The UK and are looking to downsize the villa for a smaller holiday home.
How To Enter
Details about the location of the villa are quite limited. It is in Fanabe which is part of the Costa Adeje - one of the most popular tourist areas on the island of Tenerife. It has four bedrooms - two of which have en-suite and their own private balconies. There isn't a private pool but as mentioned at the start there is a jacuzzi plus access to communal 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%.
230,000 Ticket Sales
Ironside hopes to sell 230,000 tickets (total revenue £575,000) 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 second addition to their site and we guess they'll be hoping that coverage for one will help benefit sales for the other. If Prize Villas can successfully conclude competitions then it could become an exciting platform for overseas property owners looking to sell. The property itself looks nice but we'd like to see more images of location such as where it is and is it part of a development. As there's a communal pool we also think there should be some indicator of fees payable per year. Other useful information that could be included would be rental potential.
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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