DESPERATE times call for desperate measures – and faced with the slump in Cyprus property sales one company has come up with a novel idea. Earlier this month it announced a series of eighteen competitions in which each of the winners will receive a one-bedroom apartment at complexes in Peyia.
Each apartment has a double bedroom, a sitting room, a kitchen and a shower room and they will also have a small private garden or a balcony. Each complex also has off road private parking and a shared and fully serviced private pool.
There are 8,000 tickets for each of the eighteen competitions priced at €20. The competitions are running consecutively and when all 8,000 tickets for one competition have been sold, that competition will close and the next one will open.
Apartments will be handed over with all taxes and duties paid and fully equipped and furnished immediately after the draws are made.
Property lotteries and raffles are quite common in other countries such as Spain and Australia. I believe this is the first time such a competition has been attempted in Cyprus and it will be interesting to see how much interest it attracts.