Over the past few months, we have seen numerous Italian communities selling homes for as little as one dollar in an attempt to revitalize their communities.
Teora, located East of Naples in the southern region of Campania, is the latest town to join the ranks, however, their offering is a little different. This small Italian village is hoping to attract new residents to the dwindling town by paying a portion of your rent if you move in.
Teora hopes this plan works better in attracting long-term, permanent residents as opposed to those seeking vacation homes as seen with some of the previous towns to offer one dollar sale prices.
“I don’t believe in selling empty houses for €1, that doesn’t incentivize people to stay in town,” Stefano Farina, the mayor of Teora, tells CNN. “They just come a few months a year as holidaymakers. That’s not the solution. But taking up residency and enrolling kids at the local school, that does breathe new life.”
They plan on paying newcomers €150 per month (about $162) toward the cost of renting an empty house over the course of two years, or offer them €5,000 to buy one themselves.
According to CNN, currently a rental here can cost as little as €200 per month, while 100-square-meter homes are on the market for just €30,000. This means those opting to rent one of the properties could end up paying just €50 a month.
The catch? Buyers will need to take up residency in Teora for at least three years, and they must already have at least one child when they apply.
According to Farina, the town’s population decreased dramatically after an earthquake in 1980, which caused severe damage to Teora, as well as nearby Lioni, and has never fully recovered.
But no worries, today, the available houses are all in good condition, as they were rebuilt from scratch after the earthquake. Some homes even come furnished for a seamless move in.