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The average home price in the US rose 30% from 2022 to 2023, making it increasingly unaffordable for buyers. Property prices have also increased in Europe in recent years; however, there are still bargains on the market for those willing to live in a new country and learn a new language. One euro for a room in Italy is a shocking price for many.
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Many houses have been abandoned as young people leave the villages. They move away to escape the poor job market in their hometowns. In places like Sambuca, Italy, where the population has declined by 30% since the 1950s, there are few job opportunities, and those that do exist are mostly construction work.
Dilapidated towns in Italy have been scrambling to attract new residents with a number of €1 housing programs 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.
With a drastic population decline, an Italian town is selling houses for just 1 euro.
Instead of selling properties at rock-bottom prices, setting the price at 1 euro is an attempt to breathe new life into these rural areas. Authorities want to combat population decline, preserve architectural heritage, and stimulate their economy – but they can't afford the renovation costs. So buyers can purchase a property for 1 euro, but will have to cover legal and renovation fees.
And Sambuca is not alone. According to statistics from all the towns with large migrant populations, in the last 20 years more than 1 million people have left rural Italy to settle in larger cities. What remains are beautiful towns with abandoned houses, aging populations, and economies on the brink of collapse.
Sambuca gained global attention in 2019 when CNN reported that it was selling 16 houses for one euro. Two years later, the town offered a second batch of houses for 2 euros. This sell-off attracted international buyers from as far away as the Middle East, helping to revitalize the local economy with an influx of 20 million euros (approximately $21.8 million).
Houses for the price of a cup of coffee are being sold in an abandoned town in Italy, creating a sensation that is helping to revive tourism.
This includes revenue from new guesthouses, new shops opening in town, and contracts with builders, architects, surveyors, interior designers, and notaries.
Newly elected Mayor Giuseppe Cacioppo told CNN that he encouraged potential buyers to visit the town and view about 12 homes available for purchase at this time.
Cheap or expensive?
It is a fact that abandoned houses in old Italian towns are sometimes divided among multiple heirs. One person in that group of heirs only owns a part of the house – such as the bathroom, balcony, kitchen – and according to Italian law, the sale of the house cannot be carried out without the written consent of all the heirs.
The opportunity to own a home is easier than ever.
Depending on the condition of the house, renovations typically start at €30,000 (approximately $32,500) for a simple refurbishment, but can go up to over €200,000 (approximately $217,000) if the buyer intends to transform the house into a luxury vacation home.
Some houses are in a state of disrepair.
On average, a house in the US costs $428,700, so a €1 house is incredibly attractive. However, moving to rural Italy is not a decision to be taken lightly. It's not just a different country; it could be a remote area lacking Wi-Fi, shops, or basic amenities.
