The Italian town of Bisaccia is the latest to offer properties for just one euro to overseas property investors prepared to move there and renovate the homes.
A picturesque destination, sitting atop two gently rolling hills, surrounded by a low forest in the southern Campania, the town of Bisaccia in Italy is every home buyers dream come true.
Situated about 80 miles from Naples, and once a thriving feudal centre renowned for its wool-making and artisans, Bisaccia has been hit hard by mass emigration and a series of earthquakes and has consequently lost many residents. The goal is to save the dying area, renovate the buildings and revamp the community.
The town’s deputy mayor, Francesco Tartaglia, has stated that the abandoned area spreads throughout the ancient part of the city. The houses are clustered together, arranged one next to the other, lending itself to more communal projects. Some houses even share a common entrance.
He said: ‘That’s why we welcome families, groups of friends, relatives, people who know each other or investors to join forces. We encourage them to buy more than just one house to actually have an impact and breathe new life.’
Bisaccia is not the first Italian town to put such an offer in the market, a number of small Italian towns have made similar deals, and as usual with Italian bargain home offers, buyers are expected to commit to renovating their newly acquired properties.
However, in Bisaccia there is no stated investment level or time frame to complete the work. Also, the local authorities own all the empty houses abandoned years ago by residents who fled in search of a brighter future. So unlike other Italian towns offering one-euro homes, the transactions will not involve tricky dealings with the original owners.
‘This stands as a guarantee that the disposal process will be speedy and smooth, we won’t need to chase descendants of old owners nor have any issues with third parties,’ said Tartaglia.
Overseas property investors interested in the one-euro properties can apply directly to the town of Bisaccia.