A QUAINT town nestled in the Italian countryside is selling off unoccupied houses for just £2.50, but there is a catch to the bargain.
Sambuca di Sicilia, in Sicily, is putting a bunch of abandoned homes under the hammer at auction.
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The town’s popular scheme has seen people flock from around the world to nab cheap property there for years, with two sell offs in 2019 and 2021 making international news.
Houses are auctioned off at incredibly low bids – with some even starting for less than £1.
But they are in need of serious TLC, often somewhat rundown after being abandoned – possibly for years at a time.
One couple bought a townhouse in Sambuca di Sicilia in an auction starting at €1 and have since turned it into their dream home.
After seeing the huge success from their bold venture in previous years, the local council has decided to reignite it.
Now another batch of properties are to go under the hammer with a starting price of just €3 – around £2.50.
Newly elected mayor of the idyllic Italian town, Giuseppe Cacioppo told CNN: “We just want to make it clear that by numbering these batches, more sales will likely follow in coming years.
“Foreigners are flocking to buy our homes, it’s been a hit so far.”
Tourists visiting Italy this summer could take time to tour the houses in Sambuca, just a half an hour drive from the coast.
Cacioppo said: “The timing is perfect.
“Tourists and interested buyers currently travelling to Italy, and those planning a trip in spring and summer can come take a look.”
He did admit that while structurally sound, the properties are in need of a revamping to make them liveable.
Massoud Ahmadi, 70, and his wife Shelley, 60, bought their abandoned 18th century townhouse, spending around just £8,400 in January 2019.
How does the one euro house scheme work?
DEPENDING on the region, a number of towns and villages across Italy have offered the cheap €1 properties to encourage people to move to the area.
There are around 25 regions who are taking part, each with a number of properties.
Many of the areas have a dwindling or aging population and hope to build the community again.
The properties range from small houses to larger villas, but are all in a very rundown condition.
The conditions for buying each property also vary, but the majority of them need large renovation works which are part of the scheme
According to Maurizio Berti, who runs the website casea1euro.it: “The houses are owned by private individuals who often want to get rid of them so as not to pay taxes and heavy taxes.
“We are talking about dilapidated or unsafe properties that need major renovations.”
Conditions include notary fees, paying an additional three-year buying guarantee policy of €5,000 (which is refunded when it expires) as well as starting the project within two months once permits are given.
The houses are put to an auction where people can bid on them so they technically aren’t all €1.
While some do sell for €1, on average houses sell for around €5,000 euros, although some are up to €20,000.
Some of the schemes even offer to pay you money for buying a home if you can boost the economy with a new business venture.
The property was crumbling inside with internal walls stained brown and rooms packed full of old junk, including a retro pram.
They spent £160,000 on the once “uninhabitable” three-story property and managed to turn it into a glamorous home.
And they aren’t the only ones to take part in the famous scheme.
People from as far as the Middle East have bought homes there with the scheme, injecting the local economy with almost £17 million.
One American woman, Meredith Tabbone, bid on a €1 (85p) house on a “whim” after her friend sent her an article about the scheme.
She threw in a random offer of £4,400 – for a 1600s disused building – and bought the home next door for £27,000.
After five years she’d created a four bedroom, five bathroom home with an outdoor kitchen, spar and party room.
Cacioppo said: “The two batches of houses, owned by the town hall, revitalized the private real estate sector.
“People rushing to grab one at auction but didn’t make the final cut bought a cheap house instead. So far, 250 homes have been sold.”
Authorities in the area reclaimed the houses after they went uninhabited for enough time, making it possible to sell them off at auction.
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