Real estate: Out-of-the-hole thinking in London

real-estate_abu-mallickjEven with interest rates at a historic low, the global housing market remains in freefall, forcing property marketers to dream up ever more innovative methods of getting customers to look their way. In the U.K., marketers have tried all the usual tactics, from price cuts to part-buy-part-rent and shared-ownership schemes. One promoter, MIA Developments Ltd., is working a particularly interesting angle: giving away a property worth £8.25 million in prime Central London … for £50. You read that right. The news may be all gloomy in the world property market, but one lucky winner out of the anticipated 200,000 entries will be smiling in a week’s time. To enter, participants must buy a £50 ticket or either of two MP3 players from CyCoTechUSA, priced at around £100.

As if being a property millionaire isn’t enough motivation, participants are also contributing to a good cause—£3 from every entry is to be donated to Great Ormond Street Hospital Children’s Charity. MIA Developments seem to have all the flanks well covered. And a quick calculation will tell you that it also stands to make a tidy profit on this one.

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