Property in Italy selling for as little as R21

Property in Italy selling for as little as R21

Make buying a home in Italy more than just a dream. 

Italy/ iStock
Italy/ iStock

Whether you want a holiday home or just want to have property in Italy, this is the perfect opportunity to reach that dream.

If you have been dreaming about owning a property abroad, but thought it might cost an arm and a leg, think again, because this might be a great chance to secure a beautiful home in Italy at a ridiculously low price. 

Property in Italy is going for as little as R21 in the mountainous town of Maenza, and 19 other towns. 

READ: South African property sells for R52-million on auction

These are abandoned houses which government are selling for close to nothing. The government initiative is called, ‘€1 Houses project’ and aims at restoring villages and towns that are suffering from a dwindling or ageing population.

The town is situated just 70km outside of Italy's capital, Rome, and is in the country's Latium region. 

Millions of citizens migrated to urban areas and many of the villages have been abandoned. 

Conditions for buying

East Coast Radio states the following conditions for buying the property:

Buyers make a commitment to renovating the property. Nothing too extravagant, just make sure everything is in working order and functioning as it should.

The renovations have to be completed within three years of purchase.

Buyers need to pay a deposit guarantee of €5,000 (around R89,300) that will be returned once the renovations are done.

Buyers get to choose what they want the property to become - a home, B&B, hotel, restaurant, etc., with detailed plans submitted to the town for approval.

It is not mandatory for buyers to live in the home they buy and renovate.

The state of the houses

According to Business Insider, the true cost of these homes turns out to be much higher than €1.

Many of the houses are on the verge of collapse and the streets and roads have been abandoned. 

See below a video of some of the properties. 

READ: COVID-19: The pros and cons of buying property during tough economic times

Image courtesy of iStock/ @Freeartist

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