Yes, it’s true! Buy a house in Italy for 1 euro! Imagine owning a beautiful property in Tuscany for just €1 in 2024!
Ok, we promise not to repeat ourselves. If you’re here, it’s safe to assume you’re interested in how to buy a house in Italy.
What you may not know is that there are 1 euro homes in Tuscany available this year! While a Tuscan villa near the sea might sound like a dream, it could actually be within reach.
Buying a house in Italy, or anywhere, can be a huge task. Luckily, there are incentives for those looking to buy property in Italy right now. If the idea of owning Italian homes for 1 euro Tuscany sounds too good to be true, keep reading. We have some great tips on securing these unique 1 euro houses in Italy near the sea.
We’ve outlined everything you need to know about buying a house in Italy for just 1 euro, including the fine print and potential pitfalls. So what are you waiting for?
Italy has an aging population with one of the lowest birth rates in Europe, and this, combined with the Italian model of cultural preservation, has created the opportunity for 1 euro homes in Tuscany and beyond.
With younger generations moving to cities and an elderly population with no one to leave their homes to, many properties are left vacant. Municipalities often choose not to demolish these historic properties, which is why towns across Italy, including those with houses for sale in Tuscany for 1 euro, are now allowing buyers to purchase these homes at a low cost, with the agreement to renovate.
Source: CNN
Hence, many towns have started an incentive that allows people to buy a house in Italy for 1 euro. Buyers will take on the costs of renovating, and nab properties for just 1 euro.
This could positively shock the Italian real estate market. Plus, it could help young buyers to own homes.
Also, this 1 euro housing project can inject tourist dollars into these areas. Indeed, tourists might not change the population crisis. Unless, of course, they catch that spirit of Italian romance!
However, they can help to rejuvenate regions in Sicilia, Sardinia, and beyond!
Not long ago, Italy was even giving away castles! All under the agreement that the development turned them into businesses!
Source: The Mayor EU
So now you know that you can buy a house in Italy for 1 euro (about $1). But what’s the real deal? Let’s have a look at the small print of this programme.
There are a few things to know before you buy a 1 euro house in Tuscany:
Then, you might want to look at multiple properties. Remember, the more properties you look at, the better idea you’ll get of the whole area. Look for ads in the town or city that you’re aiming for.
We know what you’re thinking – buying a house in Italy for 1 euro? There’s just no way. To some extent, you’d be right. The whole 1 euro house thing is a bit of a honey-trap. Below, we’ve listed what it’s really going to cost.
Source: 1 euro House Project
The house itself, in the state that it’s presented really is just 1 euro. However, you’ll assume the costs of doing it up. In the long-run, you’ll have to weigh these up against the price of a new property that needs less work.
When buying a house in Tuscany for 1 euro, be aware of hidden costs like land registry fees, VAT, and legal charges. Be prepared to work with the available local contractors, as many rural areas only have one architect or builder.
First of all, most of the homes on offer are in rural hill towns. This means that there’s usually one architect and one builder. So you won’t have a lot of choice as to who does the work, and they’ll set the price.
Sometimes things can get a bit territorial. It’s not always as simple as getting a painter, or a roofer, from the town over if he isn’t someone’s cousin. You’ll have to use the contractors in the town you’ve chosen, or wait on them until they’re available.
Remember when we said that Italy loves to preserve its culture? That also relates to building materials. Many of these 1 euro homes are in historical centres with old roofs and walls. You might even be better off gutting your 1 euro house and starting again.
Although starting from scratch comes with its issues. Bear in mind that you could pick up a fully-furbished apartment with a sea view for around $60-80k! At least cosmetic repairs are cheaper, and kitchens are especially reasonable in Italy.
Another thing to consider is that –
Remember that even if you do funnel money into your 1 euro home, the resale value might not reflect the renovation. If you’re buying a home in Italy, you shouldn’t expect to sell it. Nor should you want to!
Source: CNN
Our top tip? Get all your quotes upfront to get a touchstone on price!
Another hidden cost is going to be the debt on the property. You’ll assume it all. As we mentioned, repair costs may or may not be a good deal compared to the cost of buying a home outright. Make sure to check all the paperwork before you sign.
Plus, if there is an outstanding debt on the property (e.g. a mortgage or unpaid taxes), that defaults to you. Sometimes, these hidden costs are why the property is being sold in the first place!
Our top tip – Hire a professional Italian Notary to help with any paperwork!
Source: New York Post
It’s no secret that some prices may ( though not always) be jacked up for foreigners. Remember that we said living in a small town means working with small-town businesses?
Spend time to make friends and contacts before you buy your Italian property and have a native speaker with you.
If there’s an area that you’re interested in, try checking out the surrounding villages. The best way to not get taxed as a foreign is to become an Italian! Get to know the people and the details of how life works in that area of Italy.
Source: The Latch
There are two aspects to time limits that you need to be aware of. Firstly, you’ll need to do a lot of research. You may even need to visit on holiday multiple times before buying.
Then, once you’ve purchased your home in Italy for 1 euro, you’ll have to get to work right away. Plans will be due within the year and may state that you have to use local companies. That brings us back to our point about timing and hidden costs!
Once sold, you must start renovations within 60 days and complete them within 3 years. If you don’t, you may find yourself refunded (just the 1 euro!), and your Italian house reclaimed.
Some municipalities are likely to also ask for €5,000 straight away. This acts as a surety policy that you will complete the work within three years.
Now you’ve got the facts, and you know that you could buy a house in Italy for a euro. The question you have to ask yourself is, would you buy an Italian house for a euro?
Does living in a quiet little village suit you? Do you have the finances and the commitment to restore an old property? Are you looking for the next chapter of your life, or do you want to move into somewhere today?
Source: Case 1 euro
All these questions may leave you wondering – is it cheaper to just buy a full-priced Italian house?
Some buyers who have weighted up the one euro home offer, have found it cost-effective. Although, with planning permission, notary costs and restorations, you might be after something that’s less work.
You’ll also need to be renting while you home is being built if you plan on being on-site. Whilst stunning locations are crucial factors; it’s easy to get carried away with a bargain. Buying a house in Italy for 1 euro will end up costing a lot more, though.
Source: Italian Fix
Perhaps you’re still taken with the idea of buying a house for 1 euro. We’re glad to hear that! To help you in your search we’ve listed a few places where you can find houses for 1 euro in Italy.
Not far from the motorway connecting Rome to Naples, in the province of Frosinone, is Patrica. It has little more than 3,000 inhabitants and 38 abandoned houses in the last census.
It’s got chestnut woods, and the town rises up a steep slope. Nearby are the Lepini Mountains and the Valle del Sacco. This quaint Italian hillside town features narrow alleyways leading to its church. At its top lies the Palace of the Spezza family, with amazing views all around.
Italy’s famous ‘Covid-Free Town’ – Cinquefrondi has more than enough to attract buyers. This town is set among hills and rivers with houses close to the sea.
Plus, Cinquefrondi only requests €250 annual as a policy insurance fee. This will cover works on all your 1 euro houses until they’re completed.
Source: Purses And Planes
In the province of Nuoro lies Ollolai. It’s only about an hour and a half drive to either the west or east coast of the island. You’ll be spoilt for choice in Ollolai. The area boasts lakes and forests. It’s even close to Golfo National Park.
Nuoro province is relaxed and friendly – a place where old traditions are kept alive. If you’re after Italian houses in a peaceful area on a low budget, this could be the location for you!
Mussomeli is a town of 11,000 located in the heart of Sicilia. It’s part of the hilly area east of the Platani River. Plus, if you’re looking to visit, it’s just 150 km from Catania Airport.
The weather is dry in winter, and warm and windy in the summer. Typically Italian! You certainly won’t find snow here in winter. You also won’t find much rain in the summer.
Voted the most beautiful village in Italy, in 2014, Gangi is a paradise in Sicilia. Located in the province of Palermo, Gangi is surrounded by greenery. With Mount Barone in the distance, you can enjoy stunning panoramic views.
Gangi’s old town was completely rebuilt in 1300 following its destruction in the Vesperwar (that’s not mopeds!).
Gangi was one of the first towns to start the houses for 1 euro scheme. Little by little, it’s started to regain some of its former splendour. Gangi boast 108 reassigned houses reassigned with a further 60 to be sold!
If that hasn’t sold you, then know that Mussomeli is one of the safest cities in Italy. There’s been no robbery in their houses for years, thanks to video surveillance and police presence.
There are so many more places to find a 1 euro home in Italy, from Gangi to Sambuca in Sicilia alone. Just remember what you need to ask before buying.
Source: NY Post
Source: Project Sardinia
In the end, you certainly can buy a house in Italy for 1 euro. Unfortunately, it’s not going to cost just 1 euro.
There are hidden costs from notary fees to building material costs. You might also find yourself paying more as a foreign investor. Plus, you might find that the relaxed pace of life that we love about Italy affects your completion date!
All of this might put you off buying a 1 euro home in Italy, and you might turn to a ready-furbished house or apartment. We certainly wouldn’t blame you!
But if you have your heart set on your dream Tuscan Villa, there are ways to make it a reality. With a young population moving into the cities for work, rural Italy is in desperate need of overseas investors.
If you have the time, money, and patience then you can find yourself owning a cheap property in Italy. There are loads of places to choose from, both in the hills and near the sea. Plus, your overall costs could end up being less than buying new.
For those that are willing to put the work in the reward could be your dream home in Italy, and all ‘for just 1 euro!’.
Do you want to learn more about buying property in Italy (for 1 euro or not!)? Then why not have a look around Pearl Lemon Properties for tips?
Yes! Houses for sale in Italy can be as low as 1 Euro. This offer is only available in certain locations.
Yes, it’s possible! Italy offers 1 euro homes in specific areas, including Tuscany, as part of a revitalization effort. These homes are sold at a low cost with the understanding that the buyer will renovate and restore the property, contributing to the local community.
While the initial cost may be only 1 euro, buyers should be prepared for additional expenses such as renovation costs, legal fees, and possibly a refundable security deposit. Our guide outlines all potential hidden costs, so you’ll know exactly what to expect.
Yes, foreigners are eligible to buy these properties. Italy’s 1 euro house program is open to international buyers, making it a unique opportunity for overseas investors interested in Italian real estate.
In most cases, buyers are required to start renovations within 60 days of purchase and complete them within three years. Specific timelines vary by municipality, and some towns may also ask for a deposit to ensure renovation completion.
While towns offering 1 euro homes can vary, Tuscany has locations with beautiful, historic properties available. Popular towns in Italy with 1 euro homes include Patrica, Cinquefrondi, Ollolai, and Gangi. Be sure to check with each municipality for the latest availability.
Yes, some restrictions may apply, particularly if the property is located in a historic area. Many municipalities require buyers to use local materials and contractors to preserve the architectural integrity. It’s best to consult with a local notary or contractor familiar with Italian building regulations.
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