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€1 houses

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  • €1 houses

    Someone was telling me about an Italian city (I forget which one) that was selling houses for €1 on the condition that whoever bought them would renovate them. I think the houses were all in pretty bad condition because of some sort of natural disaster.

    My question is - how much would it cost (roughly) to get a house up to scratch? Would buying one of these houses and getting it done up be a cost-effective way of getting a house in Italy or would it be better to just buy a ready-made one?
    My work crosses over with what I write about, for a full description of what I do see my blog

  • #2
    Anyone got any links or anything to this 1$ offer?


    • #3
      Go to the Telegraph's website, and in their search box, type "Sicilian mayor offers houses for 1 euro" - that's the title of the article, should go straight to it. Published in September.

      Or from money.co.uk -

      "The historic town of Salemi lies on Sicily's sunny Mediterranean coast, 72km from Palermo. However, despite its idyllic location you can now buy a house in the town’s ancient centre for just one euro.

      While this may seem like the would-be property developer's idea of bliss, there is a catch. The town centre lays unpopulated, filled only with houses have been left derelict for the past 40 years after an earthquake brought this once vibrant area to its knees.

      "There are 3,700 houses owned by the council, almost all in the old town, that are in danger of falling down, of crumbling and dying," said Salemi's controversial mayor and former art critic Vittorio Sgarbi of the euro-home scheme. "We're thinking of people who have the sensibility and economic resources to embark on this adventure. In exchange for a token payment of one euro we will offer them one of these houses and ask that they undertake to restore them within two years while respecting their original characteristics."

      As part of the 'deal', owners of the euro-homes would be given 2 years to restore their property to its former glory, a feat that is estimated to cost approximately £80,000. 'Developers' would also need to harness the skills of local architects, builders and decorators rather than bringing in outside help so as to boost the static economy of the local area."


      It might cost you £80,000 PLUS the cost of getting to and from Salemi, accommodation costs while you're there, etc.,

      You've got to finish the job within 2 years,

      You can't use your own labour, you have to use the local guys,


      If you can't speak fluent Italian, you're stuffed.


      • #4
        Oh boy; from the same article

        "The 1 euro proposal represents the second phase of Salemi's regeneration scheme. Locals were initially offered the homes free of charge but after poor uptake, outside investment was needed."

        So the local architects, builders and decorators didn't even want them for free.....

        As ZZ Top once sang; "I wouldn't touch it with a ten-foot pole"


        • #5
          Yep, what looks like a good deal can soon turn into something really pathetic.

          Especially when your using foreign labourers, they'll rip you to pieces!