Generous Italians Sell Houses for 1 Euro!

Generous Italians Sell Houses for 1 Euro!

Italy is considered to be one of the most picturesque countries in the world. Everything is beautiful here: breath-taking glorious mountains, fabulous landscapes, the gentle sea, and incredible ancient castles. Speaking about the castles, there is a stunning news – it’s possible to buy a house in Italy only for € 1!

The tempting offer is given by the authorities of a little provincial city Ollolai. It is located in the mountainous part of the island Sardinia. The city is famous for its pizzerias and the annual colorful celebration of the day of Archangel Michael, who is the saint patron of Ollolai. The population of this picturesque place with a great history was increasing on the horrifying speeds. The inhabitants began to leave the city. When only 1,300 people were left in the town, the Mayor Ephisio Arbau began to look for a way out of the situation. The birth rate in Ollolai was almost zero. Consequently, it was necessary to somehow attract new residents to the city, and the authorities made a decision on how to improve the situation. The mayor convinced the townspeople to transfer the ownership of the empty houses to the mayoralty. In 2015, 200 such houses were at his disposal. And the municipality put them all up for sale each at a price of € 1.

However, the deal isn’t as simple as it seems, the city puts forward one condition. When making a deal, the buyer undertakes to invest at least € 30 000 in the repair of the house he has purchased during the next three years. City Hall does not hide that the houses are in poor condition. Five years after the transaction, the owner can sell the house for any price if he wants.

The program, says Arbau, works well. Since its launch, 120 homes have been sold. There are more bids, but so far they have not reached Ollolai. The mayor said that people from different countries had settled in the city. There are, of course, Italians, but also citizens of the United States, Australia, and Russia. These are mainly children of Italian immigrants who wanted to come back home or buy the real estate there.

Another proof of the success of his idea Arbau considers the fact that the same programs after Ollolai have been launched by the authorities of three more Italian cities: Montieri in Tuscany, Patricia in Lazio and Lecce nei Marci in Abruzzo.

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