Small towns in Italy are selling houses for just one euro, but the actual final cost is much higher because of the renovation costs involved.
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 , Sambuca , Cantiano , Mussomeli , and Zungoli are just a few on the list, and an increasing number of municipalities are considering offering similar deals.. However, most of these “fixer-uppers” will require significantly more capital, on top of the initial one euro, to get them into shape.
The overall objective of the project is more or less consistent among the participating towns, entailing the"recovery, development, and repopulation of the municipality," according to the Caprarica one euro houses. Gentilotti says that the Cantiano project’s objective is to increase the town’s population, stimulate income and transactions, and boost tax revenue. It should also have a ripple effect for local businesses like hotels and restaurants.
Gal Osovsky–another buyer in Sicily’s Sambuca–estimates that he'll pay about 110,000 euros for each of the four apartments he plans to develop.
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