With UK property prices soaring, the allure of buying an Italian home for just €1 (about 86p) has captured the imagination of many. Several small Italian towns have launched schemes to sell vacant houses for this symbolic price, aiming to revive depopulated villages. But the process involves strict conditions and significant renovation costs.
The scheme emerged as young Italians move to cities, leaving rural properties abandoned. Elderly owners often bequeath homes to local authorities, who sell them cheaply to avoid taxes and stimulate the local economy. Around 25 municipalities now offer €1 homes, hoping new owners will renovate and occupy them, boosting tourism and local businesses.
Buyers are not purchasing ready-to-move-in homes; properties are typically dilapidated and require major structural work. Renovation costs range from €20,000 to €50,000, though some stately homes may cost millions. Legal fees add up to €3,000, and a guarantee fee (€1,000–€10,000) is often required to prove commitment. Italy offers a 'superbonus' tax exemption covering 110% of qualifying building expenditures.
New owners must submit a renovation plan within 2–12 months of purchase, start work within a year, and complete it within three years. Popular properties may sell for more than €1, with some fetching €5,000 or €20,000. Rules vary by town; for example, in Mussomeli, Sicily, buyers must keep the original facade but can renovate interiors themselves or hire workers.
French buyer Morgane Guihot and her husband renovated their two-room Mussomeli home themselves, telling CNN in 2019: 'As we’re both artisans and renovators we did most of the work ourselves, which was minimal, and it was great seeing our two-room house come to life again.' The scheme, while not a joke, requires financial resources and dedication beyond the initial euro.
