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Another Town In Italy Selling Houses For A Mere €1 (INR – 87)

Seems like Italy is desperately in need of new residents as once again, the country has come up with a luractive offer where it is selling property for a mere €1, i.e Rs 87 approx. This time, the town of Laurenzana in Southern Italy has come up with the offer with no prior deposit required.

Source – CNN

Earlier, when this kind of offer was released by the Italy government, it was asking people to deposit as much as €2000 to €5000 as security, which was to be returned to them once they are done renovating their house. However, this time, Laurenzana, set in Italy’s Basilicata region, is asking for no such deposit.

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In an interview, Laurenzana Mayor Michele Ungaro told a leading media firm, “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.”

Source – Cheap Houses in Italy

The new rules need the buyer to buy the house for €1 and then submit a plan decoding how s/he is gonna renovate it. The renovation must begin within 3 months. Once the renovation starts, it must be completed within three years.

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The Mayor further said that they rely on the good faith and commitment of buyers but they will monitor the work-in-progress and status of the renovation.

Some of the houses and building in the town are from the 1800s. There are as many as 10 houses and 40 abandoned buildings throughout the historical town. Some buildings, though in good conditions, but have missing stones, grass growing through walls, and broken doors.

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So new owners must be ready to spend at least €20000 (INR 17,35,658) to get these houses in shape.

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