With grocery bills exceeding Rs 90, buying a house for the same amount sounds impossible. However, the 1 Euro Houses Project, launched by several Italian municipalities, is making this a reality. The initiative aims to revive and repopulate abandoned villages in Italy, where young residents have moved away, leaving behind ageing communities and deserted homes.
For those looking for low-cost real estate investments in Italy or wishing to settle in charming Italian villages, these homes offer an appealing opportunity. According to the official website of 1 Euro Houses, the project initially struggled but has gained traction in recent years.
Is It Really A House For Just 1 Euro?
Property owners transfer their homes to the municipality, which then sells them for 1 euro. However, most of these houses are in poor condition, requiring extensive renovation. The cost of repairs, along with additional fees, can significantly exceed the initial price.
Photo: 1eurohouses
What You Need To Buy A 1 Euro House
The municipal administration oversees the project and ensures the legality of the sale, which always occurs between private individuals. As per the official website, buyers must commit to:
- Submitting a renovation and revaluation plan (usually within 365 days of purchase).
- Covering notarial fees for registration and property transfer.
- Beginning renovation within the timeframe set by the municipality after obtaining the necessary permits.
- To ensure buyers complete the required work, the municipality mandates a surety bond of 1,000 euros to 5,000 euros, refundable after project completion, typically within three years.
Can Foreigners Buy 1 Euro Houses?
Foreigners (non-residents or non-citizens of Italy) must meet additional requirements to purchase a home under this scheme.
A key factor is whether an agreement exists between Italy and the buyer’s home country. The general rule states that if an Italian citizen can buy property in your country, you can buy property in Italy. Prospective buyers must also obtain an Italian tax code to facilitate tax payments and adhere to other legal guidelines, which can be accessed here.
Also Read: 3 Places In World That Will Pay You To Shift There Permanently
Would you consider owning a home in a tranquil Italian village? Share your thoughts in the comments.
