Houses are being sold for 1 euro in one of the cities in Italy
The city of Penne, located in the Abruzzo region of Italy, has launched a special program where historic houses are being sold for 1 euro. The local government aims to improve the appearance of the city center in this way.
“There are more than 40 vacant and abandoned buildings in the city, all located in the historic center. Families that lived here moved away decades ago,” said the city mayor, Gilberto Petruchchi.
“This program started in 2022, and so far, six houses have been sold. The list of houses to be put up for sale next will be announced in the coming days,” the mayor said.
According to the program, several Renaissance-era houses in the city of Penne are planned to be sold. Most of them once belonged to farming families. Many of them moved to other countries, particularly the USA, Belgium, Venezuela, and other major cities to work in factories.
Most of the programs for 1 euro homes require buyers to pay a deposit ranging from 2000 to 5000 euros, and the previous amount is returned only after the house has been renovated. However, Penne is providing favorable opportunities for buyers.
“The only requirement is that new homeowners take on the obligation to fully renovate these properties within three years. Additionally, we do not require an initial payment guarantee for new homeowners to start working. We want to encourage and support our guests in every way to revitalize our historically significant areas,” says Petruchchi.
Another additional bonus for program participants is that during the renovation process, new owners will receive assistance from Italian specialists — architects, surveyors, and builders.
