Buying a house in Lanzarote if you win the Christmas Lottery is possible, but the majority of houses for sale on the island cost more than what is paid per winning ticket.
The real estate portal Idealista.com currently lists a total of 1,174 ads for houses for sale in Lanzarote. Among them, only 41% are below the 328,000 euros that the Christmas Jackpot is worth, once taxes are deducted.
More than one in three homes for sale in Lanzarote today (36.8%) exceed half a million euros and 9.5% exceed one million.
59% of the homes for sale in Lanzarote could not be purchased with the Christmas Jackpot prize. To be able to access half of the homes for sale on the island, a budget of 388,500 euros is necessary.
In the case of using only half of the amount of the prize for the purchase of a house in Lanzarote, (164,000 euros) only 8.1% of the homes advertised on idealista.com would fall within that budget.
If we raise the amount to 200,000 euros, the percentage of homes that can be purchased in Lanzarote rises to 14.9%. With 300,000 it is 35.8%.
