Italy’s rural towns are in the midst of a revolution as they trial selling homes for as little as one euro ($1.12).
The radical schemes are aimed at combating the effects of urbanization, which is leaving some of Italy’s most picturesque towns and villages deserted and derelict.
Thanks to widespread media coverage, many of the towns have been inundated with interest from foreign buyers in search of a bargain.
I recently visited a number of such towns in Sicily, and spoke to numerous foreigners who had decided to invest, as well as town mayors, deputy mayors, and councillors.
Some conversations were translated by Insider’s Associate Translation Editor Ruqayyah Moynihan.
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“It was an invasion — but a positive one!”
That’s how Giuseppe Cacioppo, deputy mayor of Sambuca, Sicily, described the sale of his town’s abandoned homes to foreign buyers, the auctions of which started at just one euro ($1.12).
Sambuca succeeded in selling off 16 historic but derelict stone homes to buyers from the United States, China, France, Britain, Russia, and Argentina.
It is one of many towns in rural Italy to trial selling homes for just $1 in a last-ditch bid to save rural settlements that have been slowly decimated by urbanization while cities and their suburbs thrive and become overpopulated.
Read more: Italy’s $1 homes might be dirt cheap, but they need a lot of work — take a look inside
It sounds too good to be true, and there is, of course, always a catch. The properties for sale are almost always in a dilapidated condition, and towns stipulate that buyers must commit to spending thousands of dollars in restoration and renovation to make them habitable again. Some towns even stipulate that you must work there or bring your family in order to purchase a home.
In …read more
Source:: Business Insider