If you fancy a property in the sun for 99 Euros, you may consider taking part in one of three raffles for Mallorca property. All three vendors have had their houses on the market for almost a year and although this isn't considered especially long in view of the island's large proportion of second homes, they have realised that in the present financial climate, buyers will be even thinner on the ground.
An Austrian couple with a four bedroom townhouse in El Terreno, just west of Palma city, are selling 15,999 tickets at 99 Euros each. The house sits on a plot of 700 sq metres and has 200 sq metres of terraces with views across Club de Mar marina to Palma Bay. The draw takes place on 26 May 2009, providing sufficient tickets have been sold.
The idea of a property raffle is not new but whilst UK vendors face scepticism and flaws in the Gaming Commission's guidelines, it appears that vendors here have found the process easier. The Balearic equivalent of the Commission have stipulated that they won't interfere providing ticket sales take place via the internet.
Owners of a seven bedroom farmhouse in Alqueria Blanca (SE Mallorca) spent three months setting up their raffle and have no doubts all the legal angles have been covered following consultations with their accountants and lawyer. Monies are transferred to an escrow account and the draw takes place before a notary.
The odds of 15,999 to one of winning a house worth over 1.5m Euros would seem rather better than the current odds of 36,000 to one of winning any prize with National Savings Premium Bonds, now at their longest in the bonds' 52 year history. For instance, out of the estimated 23 million bond holders, there are now just two winners for the £25,000 monthly prize, compared with 78 winners this time last year.
The owner of a five bedroom, three bathroom, stone finca on a 5,000 sq metre plot in Son Servera (NE Mallorca) has also tired of waiting for a buyer. His property, worth 1.2m Euros, has a pool, garage and views to the sea at Costa de los Pinos. The draw consists of 12,555 tickets, also at 99 Euros each - not a bad deal, if you consider your chances of winning the UK lottery are 14 million to one!