If anyone said that you could buy a home for a dollar would you believe it?
No. Me neither….
But yes it is true. The Italian government decided to sell off the houses is rural areas due to the depopulation. Villages like Sambuca have decreased their population from 1950s. Since the young people have left their homes abandoned due to the poor job market and never returned.
So the city counsel has decided to sell off these houses. Once they had announced it in early 2019 the story went viral. Buyers from all around the globe visited Italy in hope of buying a permanent home in one of the old cities in Europe. But little did they knew about the condition and the procedure.
Molise a mountainous town even decided to pay a buyer 800$ monthly for 3 years just to move in and start a business.
But when the visitors were arrived they realized that they basically owning the collapsing buildings which they need to refurbish and would cost them thousands of Dollars.
These buildings are sold in an auction which the starting bid is 1$. And that is not the end of the story. If you had won the then you have to deposit 2000$-5000$ as a security deposit. The home owners can have it back once they have started renovations within a year and agrees to finish the renovations within 3 years. The security deposit changes according to the town. The reason to have such higher security deposit to a house auctioned at 1$ is that the local government wants to ensure that the land and the building will not be left alone after the auction.
They just want to repopulate the city and if the buyers will not move back then their attempt of saving the city will be meaningless.
Most of the homes are in bad shape. So the buyers have to spend about 15,000$-25,000$ for the renovations. And most of the buyers live abroad. Since these villages are rural the supply of materials is a challenge. So when all the costs are added up it takes about 100,000$ to finish up renovations alone.
Nevertheless the buyers are interested and the project has been a success so far.
But due to the COVID 19 pandemic the buyers were unable to return to their property for a while. After the July they have started the selling off these properties.
Thank you for reading…. ❤