The previous owners decided to raffle off the house after banks refused to issue mortgages to any prospective buyers.
The previous owners decided to raffle off the house after banks refused to issue mortgages to any prospective buyers.

Can't sell your house? Family initiates real estate lottery

A FAMILY in Spain are the proud owners of a new four-bedroom house worth €90,000 (£66,000), having won the property in a €10-a-ticket lottery.

Spain's property market has been blighted in recent years by the financial crisis, which has led to prices falling, and to a collapse in demand because the banks have become terrified to lend to new buyers.

This left the Bolumar family with a problem when an elderly relative died leaving them the house on the Costa Blanca, which they did not need.

"When we put it on the market, a few people showed an interest but no bank was willing to issue a mortgage," Pepe Bolumar, a grandson of the original owner, told El Mundo newspaper. "So one day I came up with the idea of raffling off the property."

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Last weekend, a new owner was found using a borrowed lottery machine. The Bolumar family have easily made the €90,000 value of the house, and with 32,000 tickets sold, a little bit extra to cover costs. The family took a year to organise the lottery and it attracted players from Spain and elsewhere, including the UK.

And what does the new owner get for their money? "For the price of just €10 someone has won a house in perfect condition." The house measures 141 square metres and is a short walk from the nearest beach.



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