Another Idyllic Italian Town Is Selling €1 Homes
Castropignano, a medieval village carved into the hills about 140 miles southeast of Rome, is joining the growing list of Italian towns selling their vacant homes for as little as €1.
Many of Castropignano’s €1 homes boast river views, according to CNN, but buyers will have to do some work before they can sit back and enjoy those vistas. Like Italy’s other bargain houses, Castropignano’s €1 homes require significant restoration and remodeling. Buyers will also have to make their case to the town’s mayor before they can begin work.
"I don't want my town invaded by a property stampede or to turn into the latest housing speculation deal, " Mayor Nicola Scapillati told CNN.
Interested buyers will have to write a note to Scapillati outlining their plans for the property and demonstrate they have the skills to pull off their vision. Most towns opt to auction off the empty homes to the highest bidder, with bids starting at around €1. Properties often sell for between €5,000 and €10,000.
Italian towns, including several in Sicily, have begun selling their vacant properties at bargain prices in hopes of revitalizing once vibrant locales where populations have been dwindling and infrastructure crumbling.
Castropignano is home to the ruins of a medieval castle, but fewer than 1,000 residents, The Independent reports.
Individual buyers and businesses registered with the Italian government are eligible to apply to purchase Castropignano’s €1 homes. Buyers will have two months to complete their purchases and six months to file for the necessary renovation permits. They’ll need to put up a deposit equal to €2,000 that will be returned three years later once work is completed.