Property ownership might be impossible for some in the UK, but over in a small Italian town, you can snap up a house for less than a coffee.
Well, almost.
In the town of Sant’Elia a Pianisi, in the southern Italian region Molise, you’ll find eight houses up for sale for just €1 (0.88p) that overlook the stunning countryside.
But as you’d expect from a home with such a low price tag, there are lots of renovations that need to be done. Plus there’s one small catch: the deposit.
Buyers will still be asked to put down a deposit of €5,000 (£4,403) before purchasing the property and making any changes to it.
You’ll also have to abide by some rules if you wish to snap up one of these homes. According to the mayor of the town, you’ll have to present a renovation project plan to the local authority within six months of buying the house.
Sant’Elia a Pianisi is the latest area to be added to the €1 housing scheme, which periodically sees properties listed for the bargain price in rural parts of the country.
The scheme hopes to revitalise these quiet areas and drive the rural economy up, because small Italian towns are being abandoned by young workers in favour of metropolitan cities with more opportunity.
So what do these houses look like? Sadly, you can’t see the exact homes available until you register your interest for a home.
But you can trust that it’s not a total scam as celebrities are also jumping on the craze. Some of the stars who have invested in these properties include British talk-show host Alan Carr and The Sopranos actor Lorraine Bracco.
Who knows, they might even become your neighbour.
An article in The Independent estimates that renovations on these properties costs between €20,000-50,000 on average, so you can still be quids in.
To abide by the schemes rules, your renovations need to be completed within the next three years.
When it comes to choosing a buyer, the town will favour those whose plans aren’t too lengthy, plus people looking to hire local workers and use regional materials.
You can find more details about the €1 properties (and register your interest) on 1eurohouses.com, which shows other cheap and cheerful homes across Emilia-Romagna, Abruzzo, Campania, Sicily, and more.
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