A TOWN in Italy is selling houses for only €1 (88p), but there is of course a catch.
Rising house costs and interest rates are stopping lots of people from getting on the property ladder.
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However, a move to Italy could be the answer to their problems.
Sant’Elia a Pianisi has become the latest Italian town to offer homes to people for an incredibly cheap price.
Houses can be snapped up for as little as 88p, but they all require substantial renovations.
Anyone who buys one of the homes is required to put down a minimum €5,000 (£4,400) deposit to fix up the properties.
They will also have to present their renovation project to local authorities within six months of buying, before completing the planned renovations within the following three years.
The mayor Biagio Faiella hopes that the renovations will increase the costs of the run down properties and provide a boost to the local economy.
Therefore, applicants who plan to use local companies for their renovations will be favoured ahead of those who plan to use other companies from elsewhere.
Foreigners are more than welcome to apply, with Canadians and Americans among those who have already registered interest.
Mr Faiella claims that because of the town’s dwindling population, he is not fussy about who comes to buy the properties.
He said: “Everyone is leaving the area: in small towns, unfortunately, this is the case.
“In 2014 there were 2004 people in Sant’Elia, today there are 1680.
“Those who buy houses for one euro come to revive ruins for the securing of which in many cases the municipality also has to invest its own money. I would say that these people are very welcome.”
Sant’Elia a Pianisi isn’t the only town to offer cheap homes in Italy.
The town of Laurenzana, located a few hours south of Naples, is also offering the abandoned homes to help repopulate the area.
Previous schemes, like the one at Sant’Elia, have also required large deposits as high as €5,000 to allow work to go ahead.
Laurenzana mayor Michele Ungaro said they have decided not to enforce this to make it easier for people to buy and renovate.
They told CNN: “We want to help newcomers purchase the house of their dreams without making it hard for them to follow tedious procedures and tight requirements.
“At times it can be difficult to navigate through regulation, particularly if you’re a foreigner. We want this adventure to be a pleasure, not a burden.
“That’s why we are not asking for any deposit guarantee to ensure the works are speedily carried out. It sounds as a sort of threat.”
Meanwhile, here is everything you need to know about buying and renovating a €1 house in Italy.
And this is what it’s really like to buy and own one of the cheap homes.
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