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How a €2.80 raffle ticket could win you a villa in Canary Islands

A British couple have chosen a rather unorthodox method to sell their home. Rather than place it on the open market and accept the best offer, Gina Ironside and her husband Wayne are selling raffle tickets with the one and only prize being their home on the Canary Island of Tenerife.

Published: 19 November 2020 14:15 CET

How a €2.80 raffle ticket could win you a villa in Canary Islands

Photo: Prizevillas.com

The couple, originally from South Shields in the Northeast of England, decided to sell-up and move back to the UK after spending seven years on the island with their son and daughter.

“We came to Tenerife mainly for the climate and we thought it was a great place to bring up small children, which it is and we wouldn’t change it for the world, they have had a great childhood here. They have gone to an amazing school,” she said.

But the family now want to return to the UK to continue the children’s further education and be closer to family.

The couple decided to sell off tickets to their home rather than look for a conventional buyer in a move that is gaining popularity across Spain.

The scheme offers 230,000 tickets for the property, each one for sale for 2.50 (€2.80) which nets the price of €440,000 a little over the estimated asking price if it was sold on the open market.

The property is a three-bed semi detached villa with private garden set within a complex that offers extensive gardens and a communal swimming pool in the Fanabe area of Tenerife.

“I believe my villa is is worth around 430,000 Euros (around £380,00) but I am leaving it fully furnished and practically ready to move into, so I receive the amount of 440,000,” she explained adding that the winner will receive an all expenses paid trip out to Tenerife to sign for the property.

“The extra amount will cover the marketing, advertising and associated purchase costs, plus buyer taxes for the winner.”

“All of the costs will be covered by the raffle plus a 1 percent donation will be made to my chosen charity,” she added.

Tickets went on sale on November 16 and the competition will run until March 16 next year before the winning ticket is drawn.

The raffle is being organised through prizevillas.com CLICK HERE for more details.

READ MORE: What's the latest on property trends and prices in Spain?

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When's the best time of the year to start renting in Spain?

With rents in Spain soaring in recent years and affordable rental properties in high demand, finding a place to live can seem like a struggle.

This is especially true if you live in one of Spain’s major cities like Madrid, Barcelona or Valencia, where demand is high, supply low, and prices rising.

Knowing when in the year is the best time to rent could help you find a place. But is there a ‘best’ time of year? And what about landlords wanting to rent out their properties?

READ ALSO: The best websites to find student housing in Spain

Although it’s difficult to say there’s a definite ‘best’ time of year to rent, when in the year you should start renting does depend on a few factors. Where in Spain you’re looking, of course, matters because in big cities there will be a surge in availability at certain times of year, whereas in smaller towns there will be less on offer but likely apartments sitting empty year round.

You also need to consider what ‘best’ really means. Does it mean best in terms of availability and opportunity, or in terms of finding the cheapest rents?

September renting season

In Spain as around the world, September seems to be considered ‘best’ time of the year to start renting in terms of availability. It’s the end of summer, and the beginning of a new academic and work year. In terms of the rental market, September in Spain is, like in many countries, the beginning of a new cycle.

Students tend to try to find a flat in time for the new academic year, which is usually sometime towards the end of September. As such, many begin their search in August or early-September in order to avoid last minute panics and rushes as everyone tries to do the same thing.

Experts say this demand grows even more during the second fortnight of the month as people begin to panic a bit and step up their search.

Generally speaking, rental price data shows that the demand for rental accommodation grows annually during the fourth quarter of the year – that is, in October, November and December. For this reason, it is advisable to try and secure your contract by September and not to do so in that final stretch of the year, when higher demand leads to paying up to €35 more per month on average, according to data cited by El Español.

For example, in Catalonia, the average rental price in 2022 was €779.84 per month, but price records show there was a significant upturn in the fourth quarter of the year, to an average of €815, according to data from the Institut Català del Sòl (Incasòl). Of course, in July 2024 prices will be significantly more than that, but this end of year price squeeze trend is clear.

READ ALSO: ‘The Hunger Games’: Two million university students in Spain fight to find a room

While busiest of course means more competition, it can also mean more opportunity. Due to the fact many people are house hunting in September, it also means it’s the time of year when swathes of one-year leases are up. This is especially true in student areas, as well as properties that cater to seasonal or yearly contracted English teachers and language assistants, and areas close to hospitals and health centres.

So, in terms of renters, getting your apartment by early September seems a smart thing to do in order to avoid the mad rush of students searching for a place to live. You’ll need to be dedicated in your search, but it’s also when there’s likely to be the most apartments freeing up, and doing anything before September seems less likely anyway.

Keep in mind that this is Spain we’re talking about, and during the summer months (in August especially) nobody is really doing much of anything and you may struggle to get potential landlords to even answer the phone, even if their property is advertised online.

Early in the year

However, in terms of finding the most affordable rents, there’s an argument that it’s from January onwards.

Many landlords who didn’t manage to rent their properties during the year tend to adjust prices downwards in January. Some also take advantage of this period to renovate their properties, making them more attractive.

This means that from January until the arrival of spring, say March/April, if you’re lucky you can find cheaper offers, but keep in mind there will probably be less properties on the market overall.

What about renting your property?

If you’re a landlord, however, waiting for the September (or better, January) rush seems a sensible thing to do if you’re trying to earn a little more income. Data from the Google Trends tool cited by rental website Rentuos, for example, shows the highest level of traffic for the keyword “rent flat Barcelona” is concentrated between the end of August and the end of September.

If you’re a landlord, capitalising on this period, or perhaps even waiting a little longer until demand is even higher and supply significantly lower, could be the way to go.

It’s also true that many landlords will try to take advantage of this and renew their contracts every year during the rush periods. In that sense, the ‘best’ time of year to rent seems to be September for both renters and landlords.

READ ALSO: Has Spain’s Housing Law completely failed to control rents?

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