Residents and authorities of some Italian villages started to see the power of investment in local areas. That’s why in the latest few years they launched schemes to sell old and/or abandoned dwellings to buyers for a symbolic € 1 fee! Can you believe it? And it seems like this is a growing trend.
Cinquefrondi in the southern Calabria region of Italy did just that with the aim of rejuvenating its old town centre against depopulation. Cinquefrondi calls itself a “Covid-free village” after swerving the ravages of the virus and is a picturesque hamlet rising in a superb location surrounded by the Aspromonte National Park while the shorelines of the Tyrrhenian and the Ionian Sea are 15 minutes away. There are also several UNESCO historical sites located nearby.
Through the town hall website you can apply to express your interest in the prequalification process of buying a house for € 1 in Cinquefrondi. What next? If you buy of its properties, you must pay for the notarial fees when you sign the final deed and city officials will require an annual €250 insurance payment until construction is complete. Also, buyers will face a fine of €20,000 if the project is not completed in three years.
Since the properties available are roughly 40-50 square meters wide, this shortens renovation time and costs.
For further info or for applying, visit the official webpage of Cinquefrondi town hall (comune).
Cinquefrondi follows the example of other Italian small towns that did that in the past:
- Zungoli in Campania
- Lecce nei Marsi in Abruzzo
- Borgomezzavalle in Piedmont
- Salemi, Regalbuto, Gangi, Bivona, Sambuca and Mussomeli in Sicily
- Patrica in Lazio
- Bisaccia in Campania
- Ollolai in Sardinia
But the list also includes Montieri and Fabbriche di Vergemoli in Tuscany, Nulvi and Ollolai in Sardinia where the scheme has already been proven to work perfectly. Investors (both Italians and non-Italians) have not only bought dwellings for private use, but have also opened hotels and B&Bs, enabling it to welcome growing numbers of tourists who will be able to enjoy this unspoilt but stunning area of Sardinia. Want to know more about how you can buy one of them? Visit the official website of each town hall.
Locals are more than willing to welcome also international investment to enable their old towns to be revitalized and become busier once again. From a home buyer’s point of view, this is excellent news, as it demonstrates the lengths to which residents are prepared to go to ensure the area’s growth and prosperity in the future.
The desire of Italian places to prevent depopulation is such that a number of them are selling off property at very low prices to encourage the purchase and the reinstatement of busy centres.
With local authorities being so intent on the rejuvenation of the territory, home buyers stand in a very strong position to negotiate and achieve the best prices possible for real estate here, also those that are not included in the € 1 programme. When investing overseas, the importance of choosing a buoyant location is key to making a sound investment for the future.
All the deadlines have already expired? Interested in similar initiatives? There are also other two interesting schemes: