Italy has long been an alluring travel destination. But in 2019, it became more than just a place to visit—for 1 Euro, it became a place to live.
The €1 home scheme quickly went viral, putting one of the first participating towns, Sambuca, on the map. The plan to encourage international investment by selling dilapidated homes at a bargain price was a huge success in the small Sicilian village, which claims it made €100 million in two years from the initiative.
In fact, one of the buyers to take up the offer was none other than Airbnb, who teamed up with Sicilian architecture firm Studio Didea to renovate a €1 home and select a winner to live there rent free as a host. Four years on, the town is still running the scheme, though has now upped its price to an eyewatering €2. To see the houses for sale in Sambuca di Sicilia, click here.
Elsewhere in Sicily, two adjoining properties are up for sale under the 1 Euro initiative in the historic centre of Cammarata, about 60 kilometres southeast of Palermo. Deemed uninhabitable, the two-storey home featuring original stonework is listed as an ‘ancient house’, requiring a deposit of €5,000. More info here.
Less than 30 minutes drive away, in Mussomeli, a 4 bedroom, 1 bath apartment split between two levels is currently accepting applications under their redevelopment program. Worth it for the original terrazzo floors alone, you can take a virtual tour of the absolute bargain buy here. Bonus points as this one’s already deemed habitable!
Meanwhile, in the village of Ripacandida, Basilicata, the local authority is selling abandoned homes for the equivalent of $1.67 AUD. With a population of just 1,767 due to a max US-bound exodus at the end of the 19th century, the town is rich with history but poor in residents. There are currently 8 properties here up for grabs, provided you invest in their much-needed renovation within a three year period.
If Ripacandida’s population is 1,351 too many, consider the remote town of Triora, with 416 inhabitants. Right on the border with France and once under its ownership, the village is in the Liguria region of North-Western Italy, surrounded by the stunning Mediterranean coastline. Looking for a life of serenity? Get more info here.
A mere 50km from Naples, in the town of Pietramelara, Campania, 1 Euro homes are hot property. After joining the scheme in 2021, the village received 200 applications within six months. While €1 homes tend to go quick, there’s plenty of apartments for sale that don’t require immediate repair starting at only €65,000.
While the €1 price tag is more symbolic than realistic once taxes, deposits, and extensive renovation costs are included, it’s still an incredible opportunity to immerse yourself in the Italian lifestyle and live in a pocket of Europe you likely never even knew existed. But if you’re hoping for some rate hike respite, perhaps think twice: The European Central Bank just introduced their tenth consecutive interest rate raise last month. Is nothing sacred?!
