Residents and authorities of some Italian villages started to see the power of investment in local areas. That’s why they are launching schemes to sell old dwellings to buyers for a symbolic € 1 fee! Can you believe it? And it’s seems like this is a growing trend.
Zungoli in Campania did just that with the aim of rejuvenating its old town centre against depopulation, with some of its inhabitants deciding to donate their property to the Town because they are in need of full renovation. Zungoli is a picturesque hamlet rising on a small hill surrounded by the mounts within a few kilometres to the next large town, Avellino. In 2018 it has been rewarded with the ‘Orange Flag’ (bandiera arancione) by the Touring Club Italiano that selects the best villages with less than 15,000 in the Italian hinterland for tourism excellence.
Through the town hall website you can now apply to express your interest in the prequalification process of buying a house for € 1in Zungoli.
It follows the example of other Italian small towns, namely Lecce nei Marsi in Abruzzo; Salemi, Regalbuto, Gangi and Mussomeli in Sicily as well as Patrica in Lazio.
But the list also include 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 an 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.