French entrepreneur Leonard Simpatico says he’s offering Spain the chance to win a house for the modest price of 10 ($A12), an original initiative in the midst of the financial and real estate crisis.

Simpatico uses the formula of “collective purchase” and began raffling homes in France a year ago.

“Today, we’re opening our office in Madrid and the aim is to raffle the first properties in a couple of weeks,” Simpatico said in an interview with news agency Efe.

“The outlook for Spain is extremely good because, despite the crisis, it’s a very attractive product,” both for Spaniards and for foreigners dreaming of having a second home in the Iberian nation.