The shop, which is due to open on Tuesday in the municipality of Alfafar, is offering €500 ($677) for the first person through the doors and €100 for the next 100, on one condition: the winners must be dressed in blue and yellow.
Spain’s Huffington Post reported that Ikea is also offering 11 trolleys of free goods to randomly chosen customers.
Those keenest to get their hands on the prizes have been queuing for three days, sleeping in tents and cooking on portable stoves.
They are passing their time by reading Ikea catalogues and watching a giant digital display which counts down the hours, minutes and seconds to opening.
The imminent arrival of Ikea’s new store has already ruffled feathers in the region, with a local retail and business association, Acomval, expressing support for the mayor of Alfafar, Juan Ramón Adsuara, who has ruled out the possibility of it opening on Sundays.
"Sunday opening is not necessary as this leads to greater job insecurity and hinders the balance of work and family life," it said in a statement.