Italy is well known for its incomparable gelato, authentic pizza, and now those houses for one Euro. Sicilian town, Castiglione di Sicilia is the latest to offer buyers a piece of Italian real estate for this unbelievably low rate. And as with the case of other towns, the scheme is meant to revitalize an increasingly dwindling population.
Castiglione di Sicilia is located about 160 kilometers east of Palermo and about 40 kilometers north of Catania in southern Italy. The village has seen a sharp drop in residents, going from 14,000 in the early 1900s to approximately 3,000 today. Of the close to 900 picturesque houses that have been left behind, some dating back to the Renaissance Era, half are dilapidated and officials will be practically giving away houses for one Euro, but the rest are salvageable and will be sold in the €4,000- €5,000 price range.
“We’ve carried out an in-depth study cataloging each property based on maps and land registry data. According to their conditions buildings will be sold at different prices, starting from €1,” Mayor Antonino Camarda told CNN.
The project to sell off the properties began in March. To purchase one of the lots interested buyers need to contact the team with details on the type of house they would like and their plans for restoration. An effort will be made to match potential buyers with the desired home and the specially appointed task force will help liaise with the original owners. Of course with a price this reasonable there must be a catch.
As a condition of purchasing one of the homes, the renovations must be completed within three years. But no deposit is required as a guarantee that the properties will be restored. However, new owners will need to secure an insurance policy of €4,000 from a bank which works out to an estimated €100 per year. As an added incentive, owners can participate in the government’s “superbonus” scheme, that rewards people who make environmentally friendly renovations with 110% tax credits. Taxes are reportedly generally lower in Sicily compared to the rest of the country.
And if you needed any more reason to move, Castiglione is known as the “city of wine”, with an impressive gastronomic culture to match.
Find out more about this latest €1 home offering on the project’s website.
