Since January 2016, a growing number of small, rural towns in Italy have been selling villas for the symbolic price of one euro, or just 1.13 dollars. Ollolai (Sardinia), Sambuca (Sicily), Cantiano (Le Marche), Mussomeli (Sicily), and Zungoli (Campania) are just a few on the list. An increasing number of municipalities are considering offering similar deals.
According to the official 1€ Houses website, about 200 houses have been sold. However, most of these “fixer-uppers” require significantly more capital, on top of the initial one euro, to get them into a livable condition.
First, there are several conditions which buyers generally must follow. Purchasers must provide an insurance deposit of between 1,000 and 5,000 euros depending on the town. Then, they must submit their renovation plans to the town council, and these plans must be completed within a set time frame, usually about three years. The precise details regarding the acquisition process vary depending on municipality. The town of Sambuca, Sicily chose to run an auction with a one euro starting price, rather than directly selling the homes for one euro.
If you are dreaming of Italian living, but don’t want to take crazy risks or get in over your head. I would encourage you to look at other options. One great option is to look for house contests. Visitcentralitaly.com Is holding the Win A House In Italy (LIVE!) contest. Tickets are only $50USD (45€) (38GBP) and the link to join the contest is here. http://www.visitcentralitaly.com/ The winner will receive a remodeled 4-bedroom 2-bath villa with all taxes and fees paid.