From Abruzzo to Vergemoli, small towns and villages across Italy have recently been selling historic homes for as little as 1 euro, and the picturesque nature of many of these locations makes the offers attractive for foreign buyers looking to make big money and escape the rat race of big cities, or for people who simply love buying a home. Under the Tuscan suntype of fantasy. But of course, this is not just a matter of transferring a euro and jetting off to a life of rustic beauty and simplicity. Explained by Dom and Insider Newsthe acquisition and renovation of these homes requires the investment of much more capital, not to mention the labor capital involved.
“As young Italians increasingly migrate to cities” – not entirely to other countries, but “choosing international jobs over rural or community careers – many of Italy’s most beautiful and remote villages are being abandoned and their few ageing inhabitants are beginning to die.” write IndependentLucy Thackray.
“Some older Italians have no one to pass their homes on to, so they bequeath them to local authorities, which must decide what to do with them, while some younger citizens have inherited property in areas they have no intention of moving to,” and so “around 25 Italian municipalities are making prospective home buyers an offer they can’t refuse,” but certain conditions apply.
Overall, these older, poorly maintained homes tend to require renovations “in the region of €20,000-€50,000 depending on the size of the property.” And the authorities make sure you actually do the work: “The new owner must submit details of the renovation project within 2-12 months (depending on the location) of purchase, work must begin within a year, and be completed within the next three years.” Add in all the extra (often unexpected) fees, and even the best-case scenario starts to seem pricey. Still, if you’re fully committed to restoring a venerable Italian home (and not just to rent it out to holidaymakers, which is expressly prohibited in some areas), it might seem like a reasonable enough deal.
One thing is for sure: anyone looking to buy into one of Italy’s budget housing projects (whether priced at 1 euro or not) will need to have a solid knowledge of home building and renovation, as well as a good familiarity with the Italian way of doing business, which has contributed to the so-called “Italian disease” that has plagued the country through decades of economic stagnation and is unlikely to change anytime soon. And it goes without saying that the first step in carrying out your desire to play a part in reviving one of Italy’s “ghost towns” is to learn Italian. This task can be started right away with Open Culture. Best of luck to you.
Related content:
Exploring the largest of Italy’s 6,000 ghost towns: a tour around Craco, Italy
Explore a Japanese ghost town – where scarecrows take the place of people and a man lives in the gymnasium of an abandoned elementary school
See a 3D reconstruction of the opulent homes of Pompeii before the eruption of Mount Vesuvius
High-definition walking tour of Italy’s most historic sites: Colosseum, Pompeii, St. Peter’s Basilica and more
Venice explained: its architecture, streets, canals and the best way to experience it all
Free Italian lessons
Based in Seoul, Colin MaOnershall Writing and broadcastingHe has written papers on cities, languages, and cultures, and his projects include the Substack newsletter. Books about cities And books A city without a state: Walking through 21st-century Los Angeles. Follow us on Twitter CollinhamOnershall or Facebook.
