Many towns and villages in Italy have been affected by depopulation resulting in many abandoned properties. Instead of being subject to maintenance fees or demolition costs, most sellers have left these properties to ruin.
The scheme was established to help these areas restore and enhance the beautiful towns and villages’ real estate heritage and revitalise tourism, businesses, and historic centres. The hope is that these ridiculous prices will encourage overseas investment in these areas, rebuilding and repopulating communities. Many taking up these 1 Euro offers have Italian ancestry.
Looking more at the cons than the pros, Italians find these bargain homes less attractive because they better understand how things work in Italy compared to foreigners.
Renovating a dilapidated property within a limited timeframe (normally 3 years), dealing with a considerable amount of red tape and paperwork, and maintaining another home in Italy while renovating the property discourage most Italians. The logistics of accessing properties in small villages can be challenging too.
Usually, the local government authority is involved in the 1 Euro scheme, selecting properties that qualify, promoting the properties and arranging the auction if there are several interested buyers.
The local government authority sets the conditions of the sale, typically the renovation requirements that the buyer must satisfy, e.g. renovate the property within three years. The buyer will have to pay a deposit of around €5,000 as collateral to commit the buyer to the renovation project. The deposit is refunded when the renovation is completed. Typically, the process is:
The local authorities often receive thousands of enquiries for these properties, with many requests going unanswered. One of the best ways to find properties is to inquire in person. You also get an idea of the surrounding area and the community you would be joining. Locals are also a great source of information and recommendations for contractors to contact about renovating your €1 euro property.
For most of us, undertaking a major renovation project in another country is impossible. However, you can easily find beautiful Italian property bargains requiring much less renovation than 1 Euro properties. Browse through our latest budget Italian properties or tell us about your Italian property dreams, and we will help you make your dream a reality?