Italy: Another town is selling homes for €1

Rome: As property prices and scary interest rates continue to dominate conversations, Italy has come through once again with an unbeatable offer to get you on the property ladder. The town of Sant’Elia a Pianisi in the scenic region of Molise has put eight houses up for sale for just €1.

It’s a pretty sweet deal for prospective homeowners – but there is a catch. The houses are serious fixer-uppers, and those who do snap up a property will be asked to put down a deposit of €5,000 (£4,403, $5,330) deposit ahead of the necessary renovation works taking place. They’ll have to pay all the usual fees involved in owning a home.

The new residents of Sant’Elia a Pianisi will also have to abide by certain rules, according to the mayor. They’ll be asked to present a renovation project to the local authority within six months of purchasing the house, and the said renovations will have to be completed within the next three years. The town will favour buyers who are planning to hire local workers, use regional materials, and renovate in the shortest amount of time.

What’s the idea behind all these demands? Well, the hope is that investment and renovation from new homeowners will help to stimulate the town’s economy. Plus, this way, the new residents are more likely to build a bond with the village and care about its future.

Sant’Elia a Pianisi’s €1 homes are part of an ongoing scheme to reawaken Italy’s many sleepy towns. As young Italians migrate to the city in search of job opportunities, Italy’s villages are becoming quiet areas with small, ageing populations.

To make their towns more vibrant and lucrative, many regions have adopted affordable homeownership strategies like this one. Those who’ve bought houses for €1 include celebrities like British talk-show host Alan Carr and The Sopranos actor Lorraine Bracco.