03 August 2023 , 02:54
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An Italian town located near a number of ski resorts is selling off homes for less than £1. The super cheap homes are located in Pratola Peligna in the Apennine Mountains, in the Abruzzo region of Italy and around two hours from Rome.
The lucky owner will not only snap up a bargain property, they’ll also have easy access to the nearby winter sport resorts Roccaraso and Pescasserol. Abruzzo is the latest region in Italy to start offering houses through the popular €1 home scheme, with up to 250 houses up for sale - but there are some catches.
First of all, the homes are usually fixer-uppers that have been left in poor condition and in need of serious renovation. This means you’ll need healthy savings in your bank to do up your cheap property to bring it back to living standards.
The properties are similar to this home in that they need a lot of work (Getty Images/iStockphoto)Many towns have also imposed timeframes for buyers, giving them a certain amount of time to do up the homes. Abruzzo authorities have gone a step further by saying you'll be charged €10,000 if they don't file renovation plans within six months. Owners are also being encouraged to complete refurbishments within three years. Available properties can be viewed on the town website.
It’s also worth noting that not every home ends up being sold for just €1 (this works out around 85p). Some homes have ended up going for €5,000 or even €20,000 after sparking a bidding war for prospective buyers when put up for auction.
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Not all the homes go under the hammer, but they generally all have a lengthy application process to find the right owner. You'll also need to take legal fees which can add up to around €3,000 if you're buying from abroad, according to The Independent, as well as any holding deposits.
The idea of the €1 homes scheme is to encourage more people to live in less populated areas of Italy. Having these homes improved and occupied in the next few years is also thought to be worth more to the towns than selling them off at full price.
Cheap homes through the scheme are available in around 25 Italian municipalities. Places that are taking part include Sicily, Sardinia and Tuscany. You'll also find cheap homes in Liguria, Puglia, Campania and Emilia-Romagna.
A statement by the team at 1eurohouses.com reads: "We do not need new constructions and new overbuilding. The strategy to improve the housing environment and reclaim our cultural identity is to revive the small abandoned centres or to redevelop buildings in a state of abandonment, with a story that is our history."