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This Italian town is selling homes for 1 euro with zero deposit

BusinessToday.In     March 15, 2021

Another town in Italy has put some of its historic houses up for sale and that too for 1 euro, that too with no deposit requisite. The beautiful town called Laurenzana, in the Basilicata region of southern Italy, is offering several abandoned houses to attract new residents to fortify its waning population.

Most towns and villages specify that buyers must furnish a deposit guarantee to secure the deal, usually between 2,000 euros and 5,000 euros, which is refunded once the renovation work is completed.

However, Laurenzana doesn't put down any such condition. The initiative was launched in February this year. "We want to help newcomers purchase the house of their dreams without making it hard for them to follow tedious procedures and tight requirements," Mayor Michele Ungaro told CNN.

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"At times it can be difficult to navigate through regulation, particularly if you're a foreigner. We want this adventure to be a pleasure, not a burden," he added.

"We rely on the good faith and commitment of buyers, but we will be constantly monitoring the work-in-progress and status of the renovation," Ungaro further told the publication.

Meanwhile, the process is not as simple as the potential buyers are required to submit a renovation proposal and a precise design plan.

Furthermore, the renovation must start within three months of purchasing the property and must be successfully concluded within three years.

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As things stand, there are 10 old houses available as well as 40 abandoned buildings across the historical town. Dating back to 1800s, some buildings in the town are made of red brick and stone.

Although some structures in the town are still in decent condition, several other buildings have broken doors, missing stones, and grass growing through walls.

Thus, owners must be ready to shell out at least 20,000 euros to refurbish the houses and buildings.


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