Anyone interested can more or less make their purchase right away, says the city's deputy mayor
You’re probably painfully aware of the fact that real estate prices are generally too high for the common person, especially in gorgeous European towns overlooking the Mediterranean Sea. But sometimes, there are exceptions. For example, this Italian town in Sicily is selling $1.14 homes.
The picturesque Sicilian town of Sambuca is selling homes for just one euro in a bid to encourage people to move there and provide a boom to its economy.
The deal is aimed at reviving a community that, like many other rural spots in Italy, has suffered from depopulation in recent years as residents move to bigger cities.
It’s not the first Italian town to lure in outsiders with tempting offers but local officials say Sambuca is scrapping red tape to make sure anyone interested can more or less make their purchase right away.
“As opposed to other towns that have merely done this for propaganda, this city hall owns all one euro houses on sale,” Giuseppe Cacioppo, Sambuca’s deputy mayor and tourist councillor, told CNN. “We’re not mediators who communicate between old and new owners. You want that house, you’ll get it [in] no time.”
There is a catch, though – new owners must commit to refurbishing their property within three years, at a cost starting from 15,000 euors, and will need a 5,000 euro security deposit. This will be returned once the refurbishment is complete.