Many beautiful Italian villages are selling homes for just one euro, offering excellent opportunities for overseas property investors who don’t mind a bit of work.
Two Italian villages, Zungoli and Mussomeli, are selling homes for just one euro, and the same is the case for villages across the country.
Zungoli was named one of Italy’s most beautiful villages in 2015 and is close to Naples and the Amalfi Coast. With historical red brick houses and cobbled streets, the villages can offer everything towards the Italian countryside dream living.
So what is the catch?
Numerous villages across Italy are selling their homes for one euro, the reason being the fall in property prices, and it is getting harder for people to sell their homes.
The deal with buying a one euro home is that you have to take care of the renovations of the home once you have bought it. You would get three years to renovate the home you have bought, and this is going to cost you somewhere around the ballpark of 25000 euros.
The village locals are trying their best to save the traditions of their little villages, and not to let their homes fall in ruins. When the scheme first started, some towns really got a good response. One such town is Ollolai, which received for about 5000 requests for its first 100 properties put on offer.
Of course, it is not just one euro; at the end of the day, you would have to renovate the house, and that requires a lot more money. A lady from Melbourne travelled all the way to one such village in Italy and was disappointed to learn that she has to pay $17000 in fees and permits to renovate the home.
In Zungoli for example, you have to pay €2000 as a security deposit, and also commit to renovating the house. There is also a €400 fee for tailored services after you have purchased your one euro home.
However, for overseas property investors who dream of a traditional home in a picturesque Italian village, it may just be a good deal.