Looking for a house with an affordable price? In Italy your dream can come true and you can be the owner of a house for the symbolic price of just 1 €.
As young Italians relocate to cities to find more job opportunities, some hamlets have launched this initiative to avoid depopulation. Sambuca is just the latest in a long list of villages adopting this scheme.
But there are some things you should consider before buying a property there.
PROS
1. The properties need a total restoration so you can totally follow your dreams choosing the best materials and fixtures, according to your taste and needs. Customize a traditional Italian property according to your needs.
2. The price is definitely more than affordable.
3. You will be the owner of a house situated in a small typical Italian hamlet rich in historic alleys breathing Italian lifestyle.
4. It is a perfect base for exploring the surrounding area that has so much to offer. It is very close to marvellous beaches and what is more living in the south of Italy means benefit from a very affordable quality of life.
CONS
1. € 1 is a symbolic price. Check carefully what you must do after you’ve bought the property. Usually buyers must spend a certain amount of money on the restoration, usually at least € 15,000. You should keep in mind that you will spend more in any case. In some cases you must also pay a deposit as guarantee, that will be returned once works are finished.
2. Usually the restoration works should be completed within a few years — often it’s three years — or you will lose the deposit.
3. Even if you won’t spend just € 1, this is a really convenient initiative for those looking for a second home in Italy. And for this reason the town halls have already received many enquiries from all over the world or many overseas have already bought a property there. So if you are looking for a place inhabited only by locals, many chances are that here your neighbour could be a non-Italian just like you.
See the complete list of property for sale in Italy at € 1.
