Sure, you can head to these NYC spots that evoke the feeling that you’re in Europe or you can actually go to Europe for real…and buy a home…for just 1 euro?! We know, it sounds too good to be true. But no, this is not a joke!
Nestled within the enchanting hills in the city of Catania, Italy is the medieval village of Castiglione di Sicilia, and it’s part of the country’s 1 Euro Houses Initiative. The initiative aims to revive abandoned Italian villages–similar to the initiative in Albinen, Switzerland that pays people to move there.
How it works is that owners of homes in relatively poor condition–often a second home they’re not using and don’t want to pay taxes on–can sell it for just 1 euro ($1.02) to buyers interested in fixing them up. According to international media organization China Global Television Network (CGTN), the initiative began thirteen years ago in the Sicilian mountaintop village of Gangi.
The 1 Euro Houses Initiative has helped to repopulate Italy’s abandoned medieval villages which have turned into “ghost towns” as young Italians increasingly migrate to the city rather than live in rural communities. Local authorities hope that the influx of new homeowners looking for low-cost real estate investments will stimulate the economy.
To clarify, the homes included in the initiative are often dilapidated and require major structural improvements, therefore buyers will need to be prepared to fix up the home entirely. So while you’ll have to work hard to imagine the home’s potential, you truly can’t beat purchasing a home in Italy for 1 euro.
Plus, on the bright side, renovation costs are relatively low in Italy compared to other countries–around $21,000 to $54,000 depending on the size of the property. And, we already have a guide of all the best things to do in Italy, so you’ll already have a ton to do once there!
And though the homes are pretty beat up, Castiglione di Sicilia itself is anything but.
Castiglione di Sicilia is perched on a hill on the northern slope of Etna, an active stratovolcano on the east coast of Sicily. In the town’s center is Piazza Lauria, paved with lava stone, along with tons of stunning architecture and sights including the the 17th-century Church of Sant’Antonio, the ruins of a Byzantine fortification, and endless open countryside.
Buyers interested in the initiative must commit to the following requirements:
- Support all expenses for the drafting of the deeds of sale (ex: notary, registration, transfer fees, etc.)
- Submit plans for a restructuring and revaluation project (usually within 2 to 12 months of purchase)
- Begin working on the home within 12 months
- Complete home renovations within 3 years
Moreover, Mayor Giuseppe Ferrarello notes that buyers are “not obliged to be a resident or be [t]here for a particular amount of time.” Rather they can convert the home into a hotel or Airbnb if they so desire (though who wouldn’t want to live in Italy?!)
A statement on the 1 Euro Houses website reads:
We do not need new constructions and new overbuilding. The strategy to improve the housing environment and reclaim our cultural identity is to revive the small abandoned centres or to redevelop buildings in a state of abandonment, with a story that is our history.
Other areas that offer 1 euro houses in Italy include Emilia-Romagna, Abruzzo, Campania, Sicily, Piedmont, Le Marche, Liguria, Puglia, Sardinia, and Tuscany. Those interested in learning more and finding available houses can do so on the initiative’s website.
Would you be able to leave the hustle and bustle of a big city for a small, quaint town? If not, at least let this serve as some travel inspo for some very non-touristy parts of Italy. Or, make it something to look forward to as a retirement plan off the beaten path!