The average home price in the US is set to rise 30% between 2022 and 2023, making it increasingly unaffordable for buyers. Property prices have also risen in Europe in recent years, but there are still bargains on the market for those willing to live in a new country and learn a new language. A room in Italy for 1 euro is a shocking price for many.
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Many houses are abandoned as young people leave their villages, fleeing the poor job market in their hometowns. In Italy, for example, Sambuca, where the population has fallen by 30% since the 1950s, there are few job opportunities, if any, as construction workers.
Italy’s decaying towns have been scrambling to attract new residents, with several €1 home building schemes being rolled out across the country. But while some towns are struggling to find buyers for their abandoned buildings, others are basking in the glory of successful sales.
Severe population loss, Italian town sells houses for 1 Euro
Instead of selling properties at rock-bottom prices, the €1 price tag is an attempt to breathe life into these rural areas. Authorities want to combat depopulation, preserve architectural heritage and stimulate their economies – but they can’t afford the cost of renovations. So buyers can buy a property for €1, but will need to pay for legal and renovation costs.
And Sambuca is not alone. According to statistics from all the towns with large emigrant populations, in the past 20 years, more than 1 million people have left the Italian countryside to settle in larger cities. What remains are picturesque towns with abandoned houses, aging populations and economies on the brink of collapse.
Sambuca made global headlines in 2019 when CNN reported that it was selling 16 homes for 1 euro. Two years later, the town offered a second batch for 2 euros. The sale attracted international buyers from as far away as the Middle East, helping to revitalize the local economy with an inflow of 20 million euros (about $21.8 million).
Abandoned town in Italy sells houses for a cup of coffee, creating a fever to help revive tourism
This includes revenue from new motels, new shops opening in town and contracts with builders, architects, surveyors, interior designers and notaries.
Newly elected Mayor Giuseppe Cacioppo told CNN he encouraged potential buyers to visit the town and view about 12 homes for purchase during this time.
Cheap or expensive?
It is a fact that abandoned houses in old Italian towns are sometimes divided among multiple heirs. One of the heirs owns only a part of the house - like the bathroom, balcony, kitchen and under Italian law, the house cannot be sold without the written consent of all the heirs.
Owning a home is easier than ever
Depending on the condition of the home, renovations typically start at 30,000 euros (about $32,500) for a simple refurbishment, but can rise to more than 200,000 euros (about $217,000) if the buyer intends to turn the home into a luxury vacation home.
There are houses in a state of disrepair.
The average home in the US costs $428,700, so 1 euro is a very attractive price. However, moving to rural Italy is not a decision to be taken lightly. Not only is it a different country, but it could also be a remote area without wifi, shops or basic amenities.
