Win A Greek Villa
For just £1 you could become the owner of your very own villa in Greece. The property, which offers unobstructed views of the bay of Korfos, is in an exclusive development of just four villas and valued at £400,000. The competition is hosted by Raffall.
Launched: 29th July 2020 Closes: 24th December 2020
House Value: £400000 (4 Bedrooms)
Ticket Price: £1.00
Minimum Ticket Target: 500000 Tickets Sold: Unknown
Cash Alternative: 75% of ticket sales
Whilst the majority of win a home competitions are for UK properties occasionally a holiday home is offered as a prize. This is the case with Property Raffle who are using the Raffall platform to giveaway an impressive looking villa. The promoter of this contest is Alexis George and they're hoping that the cheap ticket price of £1 plus the chance to own a property abroad will attract entrants. Although the property doesn't have a valuation according to the Raffall page it, plus the land, cost £400,000 to build.
How To Enter
The villa boasts four bedrooms, three bathrooms and two kitchens which are spread over three floors. It comes with central heating, a fireplace in the living room and air conditioning. Terraces mean that you can enjoy panoramic and unobstructed views of the bay of Korfos and the surrounding mountains. As well as the property the winner will also receive "£20k of brand new furniture in the charming local style". All legal costs for title exchange of the property will covered by the host.
To enter the raffle you need to be registered with Raffall. This can be done via Facebook or email login. Once at the house raffle page it's a case of answering a question and purchasing tickets. The question pops up in a window which we found disappeared very quickly. Tickets only cost £1 and there's no limit to the number you can purchase. You can purchase online using debit cards. This property competition will make donations of 5% of all ticket sales to MIND.
500,000 Ticket Sales
George hopes to sell 500,000 tickets (total revenue £500,000) before Christmas 2020 in order to conclude the draw. If insufficient tickets are sold then the winners will receive a share of the compensation amounting to 75% of all ticket sales. All compensation payments are guaranteed and paid directly by Raffall Limited. This is a little bit different to house competitions run by individuals and should offer more assurance to entrants. The fact that the previous competition concluded within 4 weeks may also encourage entries.
Whilst this is an attractive property there are a few things to note. Firstly the aim to generate £500,000 from ticket sales suggests to us the property valuation is on the high side. After Raffall's cut and the charity cut that cuts fine any 'profit' George is aiming to make here. Not a problem but worthy of note. Secondly there's no details regarding the process for purchasing a property and ownership of property in Greece - especially post Brexit. We think this kind of detail needs to be explained to would be entrants. The UK Raffall competitions lack detail that we think is required and this competition is no different.
Since our initial review above, Property Raffle have added an FAQ to their website explaining a number of issues. These include referencing ownership of property in Greece and the transfer of the property. We also understand that the promoter owns all four properties on this particular complex.
Disclaimer: Details shown above were correct at time of writing and are provided for information purposes only. Please do your own due diligence before entering! A link is not an endorsement and sometimes no link may be available. In some cases Loquax may earn a referral fee from sales. We strongly advise that you check terms and conditions before deciding to enter. Map location is approximated by Google based on postcode.
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