You Can Still Buy a House for 1 Euro In Italy

You Can Still Buy a House for 1 Euro In Italy

The authorities of small Italian cities and villages have come up with an extraordinary way to stop depopulation: to attract new residents, they put up for sale abandoned houses for a nominal sum of 1 Euro. Although the buyer will have to invest some capital in housing. Often, it is quite an acceptable sum of money. It ranges from €2,000, approximately.

Bivona (Sicily)
Here, after the purchase, the new owner of the building must make a deposit of €2,500 and declare his intentions for the housing use. It can be anything: from a vacation home to a permanent residence or a craft workshop.

Mussomeli (Sicily)
To make it easier for potential foreign buyers to find their dream home, they developed the modern website which contains an interactive map with detailed information in English about each building. The houses offered are mostly abandoned stone cottages in different conditions. Here, a security deposit is €5,000 and a commission fee of a real estate agency is €400.

Cammarata (Sicily)
Here, you can choose from 12 properties worth €1. In early November, a site, which presents houses for sale, was launched in English.

Sambuca (Sicily)
Here, they offer a choice of 17 houses, but the conditions are more stringent than in previous cities: the new owners must commit themselves to repair the property by investing at least €15,000. The transaction also includes a security deposit of €5,000.

Tsungoli (Campaign)
It is a tiny rural village that is located near Naples and the Amalfi Coast. It assembled a group of young English-speaking volunteers to process requests from abroad.

Potential buyers are encouraged to repair the house within three years and provide detailed information on real estate future use plans. For repairs, tax deductions of up to 85% are provided. But, you need to start work within a few months after purchase and pay a refundable security deposit of €2,000.

Ollolai (Sardinia)
This town in the agricultural region of Sardinia is one of the first to post an ad for the sale of real estate for €1 (back in January 2018).

Here, you can choose from 200 abandoned houses, however, already €30,000 must be invested in their repair, having completed the work in three years. It is possible to sell a restored house only five years after the purchase.

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