From south to north of Italy it is possible to buy homes at 1 euro
The Italian peninsula offers properties to renovate for sale at the symbolic price of just 1 euro.
The homes are sold by private sellers or by the municipality.
Why? The reason is simple: it is to give new life to the buildings and to the abandoned villages where they are located.
How can I buy a property at one euro?
First of all, It is important to know the towns and villages where you can buy a house for one euro. It is recommended to take an exploration tour to the towns you would be interested in buying a home. For example, if your dream is to buy and renovate a house in Tuscany, visit Fabbriche di Vergemoli, a nice hilly town located north to Lucca with approximately 700 inhabitants. Here below is the complete list of Italian towns and regions involved in the “project”.
Sambuca, Gangi, Regalbuto, Salemi and Mussomeli in Sicily
Zungoli in Campania
Fabbriche di Vergemoli and Montieri in Tuscany
Ollolai and Nulvi in Sardinia
Carrega Ligure in Piedmont
Lecce nei Marsi in Abruzzo
Ok, and where is the catch?
Well, there are indeed some conditions which need to be met if you decide to purchase a property at one euro.
- The properties must be restored within three years.
- It is mandatory to submit a precise renovation project within 365 days from the purchase
- The costs of renovation vary from 25k to 30k euro but can go higher
- The buyer will have to pay for all the closing costs (notary, taxes, cadastral registration)
- The new owner has 2 months time to start the work after having received all building permits
- The owner has to pay a security deposit of 5,000 euro
If the above conditions are not met, the municipality reserves the right to buy the house again at the same price (one euro).
We at Italy Property Service offer “key-in-hands” renovation packages for those who are interested in buying a home at one euro. Please contact us at firstname.lastname@example.org for further info and visit our website.