Italian Houses for Sale at 1 Euro: Everything You Need to Know

The Project

The need to develop and promote peripheral territories once inhabited but now subject to progressive depopulation due to changes in living habits, whether that be due to the gradual migration to cities or lack of services, has led many municipalities, mostly within the Italian hinterland, to sell or suggest to sell houses at the price of only 1 euro.

The houses in question are today uninhabited, but they have a great deal of history behind them. In return, not much is needed, as in most cases the transfer of residence and a commitment to renovate the property is the bare minimum required. In this way, there’s an attempt to promote an actual repopulation of the area and, therefore, provide stimulus to the local economy.

Many small Italian villages joining this initiative are located in Northern, Central and Southern Italy with the country characterized not only by large metropolitan cities, but also by small towns and villages, each with its own history, traditions and dialects.

Among the centers of Northern Italy, Oyace (Val d’Aosta), a village surrounded by mountainous nature, or Borgomezzavalle (Piedmont), a village in the Antrona Valley are both of great renown in the region. In Central Italy, Cantiamo (Marche), located in the countryside not far from the beaches of the Adriatic Sea or from the center of Urbino is also a notable location in this initiative. Numerous areas across Southern Italy and the neighboring islands, especially Sicily have also been seen as a great attraction. In the largest island in the Mediterranean, houses are for sale in Gangi on the slopes of Etna and in Augusta, in the territory of Sicilian Baroque or Bivona, which was one of the largest feudal centers in Sicily between the fifteenth and sixteenth century.

The Eligible Criteria

Each municipality has individually regulated for the purchase of houses for sale. The public invitation contains all requirements and obligations for participation which include the following:

– The payment of expenses related to the regular transfer of property ownership (e.g. notarial, tax, vault, any building sanatorium) and the reimbursement of municipal taxes due during the period of bureaucratic procedures in order to make the property available.

– The planning of a restructuring and revaluation project;

– The beginning of the renovation and upgrade work within a period of time set by the municipality.

Conclusions

The initiative, therefore, can be extremely interesting to all, whether it be Italian or foreign citizens, who want to invest or simply reside in a brand new setting. For investors, this initiative can be particularly attractive, as it allows the development of a new business (including, more frequently, tourism friendly, or agricultural entities) with low start-up costs. This is made all the truer considering the possibility of taking advantage of the recent tax concessions provided by the Italian Government for the renovation of buildings.

In addition, the possibility of residing in a new setting, even if distant from the larger cities, is always more welcomed due to the advantages afforded by smart-working, which is increasingly frequent after the COVID-19 pandemic.

Our team of professionals has extensive experience in assisting Italian and foreign investors, who intend to set up a new business in the Italian market. If you have any questions, please contact us at info@dandreapartners.com