While scores of real estate franchises close up shop as a slump in the property market takes it toll, one of the world’s largest property groups is offering locals an opportunity to win a free business.

Century 21 is offering three franchises, each worth R200 000, in a competition aimed at boosting the ailing industry.

According to recent reports the country’s multi billion rand property market has already lost 55 000 registered estate agents and dozens of small agencies have been bought out by larger firms since mid-2006.

Of the 90 000 estate agents in boom times only 35 000 remain.

Andrew Golding, chief executive of Pam Golding Estates, recently told a business publication that as far as consolidation was concerned, small agencies did not have the capacity or infrastructure to survive in the challenging market environment, and thus either dropped out of the market or were taken over.

But on Wednesday Century 21  managing director Colleen Gray said: “Difficult market conditions call for innovative solutions and we believe the competition will make a difference.”

Century 21  spokeswoman Lindie Bow said people entering the competition had to be older than 21-years of age and registered with Estate Agents Affairs Board.