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After struggling to find a buyer for his Spanish villa in the midst of the downturn, a British man has commissioned a property lottery to sell the ‘des res’ in the sun. Net Projects Ltd is launching a limited ticket raffle at Winahouseinspain.com, with the winning lot to be drawn at a party this year. The final deadline is 31st December 2009 but when 5,000 tickets are sold the raffle will be closed, and they’re selling fast.
The modern three-bedroom villa is in the Andalucian province of Almeria, southern Spain, with stunning views over open countryside and almond tree plantations to the distant mountains. Set in almost an acre of land, it comes fully furnished and complete with sun terrace, double garage, broadband internet and satellite TV – and one lucky lottery player will win it for just 49 Euros.
The collapse of the overseas property market, the strong Euro and tighter mortgage conditions affecting British buyers have left sellers struggling to sell their properties, such as this one which is presently marketed at 210,000 Euros – representing a much-reduced price from its original valuation of 295,000 Euros. The online raffle, with a target of 5,000 tickets, is estimated to make 200,000 Euros after providing second and third prizes and paying all property purchase, sales and transfer taxes and fees, solicitors’ fees, promotion expenses and other costs from the proceeds of the 5,000 tickets.
Chuck Pringle, director, Net Projects, says: “After making very little progress via conventional channels, the owner approached us to set up this lottery. The lucky winner gets a second home in Spain at a knockdown price, and the owner will be able to emigrate to join his family in America, where they are about to launch an IT business.”
Unlike some attempts to sell a property by lottery, which have ground to a halt when they fell foul of laws regulating gambling, this draw is legal under Spanish law and will run to completion.
To sidestep gambling regulations in Spain, participants buy a ticket to a midsummer party, organised by Party In Spain ( http://www.party-in-spain.com/ ). Every party ticket holder will then be allocated a free draw ticket, with the winning number selected at random by an independent solicitor. Ticket holders do not have to be physically present at the party to participate in the draw.
The winner will receive the full, registered title deeds to the freehold of the property, mortgage-free and with all taxes, legal fees and transfer expenses paid.
The villa is a few minutes from the traditional market town of Albox, just over an hour’s drive from Almeria airport and within easy striking distance of tourist attractions including Granada, the beaches of Mojacar Playa and the ski slopes of the Sierra Nevada.
The website, produced by Net Projects Ltd., is generating considerable interest on Facebook and Twitter.
Copyright © 2009 Chuck Pringle
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