IMAGINE buying a house for €5. It seems impossible, but this month the crazy idea is becoming a reality. Start-up ‘Sesortea’ is launching the first ever ‘house lottery’ in Spain and looks to fully consolidate the project.
This real estate lottery is completely allowed and regulated in Spain since 2011. However, until now, only two draws have been made. Back in February, one lucky winner won a 193 square metre house in Castellón, courtesy of online platform lotohome.es.
Now, the new company founded by Manuel Gonzalvez, former Mortgage director at iAhorro, is looking to professionalise this way of selling homes. The system already works successfully in other countries such as the UK, Canada or Australia. Currently, the entrepreneur is working on the second round of financing for his start-up, which stands at 82 per cent of the final objective.
Tickets cost €5 and the company assures that participants are 280 times more likely to win than in other lotteries, such as the Bonoloto or Euromillions. In other words, people would have to buy €1,398 worth of tickets in any of the traditional lotteries to have the same odds of winning the top prize.
Owner and CEO Manuel Gonzalvez from Madrid, says that Sesortea is looking to incorporate another alternative to access the real estate market. He says his ambition is to prove that the business model can also work in Spain and encourages people to take part. Who knows? You could win a house!