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Spain Real Estate News

What's really happening in the real estate world in Spain? The EOS Team are going to be keeping you up to date with everything that's happening from a market perspective.

If you can't sell it...raffle it!
Thursday, May 29, 2008 @ 5:51 PM

An unemployed Spanish real estate agent is selling raffle tickets in a bid to get rid of his 320,000-euro (255-pound) apartment near Madrid because he is unable to keep up with his mortgage payments and cannot sell it.

Miguel Marina said he hopes to be able to pay off his mortgage, worth 80 percent of the value of his property, by selling 64,000 tickets at 5 euros each, promising his home as the single prize to the winner of a draw.

Read the whole story...



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2 Comments


Maria Batty said:
Thursday, June 5, 2008 @ 5:41 PM

Is it Legal?
Can i buy or sell an apartment that way? how does it really works?


Justin said:
Thursday, June 5, 2008 @ 8:37 PM

I'm not sure about the legalities of it but I would assume most people would want to make sure he DID actually raffle it and not just run off with all the money!


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