Yes, you should purchase a holiday home in Italy for €1…however there’s a catch

Stop every thing as a result of the rumours are true; sure you may lastly get on the rung of the property ladder in sunny Italy for a mere €1. But like all issues on this life, there’s a small catch.

Bosa, a vibrant Sardinian city. Photo by Ellen van Bodegom

The scheme is within the village of Ollolai, Sardinia and, with a inhabitants of simply 1,300 with few younger folks, has been working since 2015 in an effort to reverse the pattern of depopulation. While potential consumers shall be getting a cut price, they’re additionally investing in the area people and the historical past of the city.

On prime of the €1 home value, the buildings on provide are historic stone properties which have all fallen into disrepair. A situation of the sale is that refurbishment should begin on the property inside a yr and have to be completed inside three. If the circumstances aren’t met, the city reserves the best to repurchase the home on the identical rock-bottom value.

Sardinia is home to superb seashores. Photo by ekarg/Shutterstock

As a part of potential consumers software, it’s essential to submit a proposal on how you intend to refurbish the home. The value of the renovations are estimated at between €20,000 and €30,000 and after 5 years – and a accomplished restoration – house owners shall be eligible put the homes up on the market on non-public market once more.

Although the scheme has been working since 2015, it hit worldwide headlines once more lately because the deadline of seven February approaches. Now the city say they’re oversubscribed for the quantity of homes out there and can assess purposes within the order they’re acquired, so pace is of the essence to getting your software in, though extra properties could also be made out there sooner or later.

If you miss the deadline this time round, Ollolai isn’t the one Italian city working the scheme. Villages in Tuscany, Piedmont and Abruzzo are all a part of the ‘home for €1 scheme’ are you may check out extra data and apply on-line.

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