Italian town selling its 250 houses at €1 each

Italian town selling its 250 houses at €1 each

Pratola Peligna is an Italian town located in the Abruzzo region of central Italy, and is very close to the popular Roccaraso and Pescasserol ski resorts. Just two hours from the capital of Rome, you can currently purchase one of 250 houses in the town for just €1.

The authorities of Abruzzo started this program to encourage the arrival of new residents to the most unpopulated areas of Italy. Even if you did manage to acquire one of the houses for a euro, there is still the fact that the houses are in poor condition. As a new owner of one of these properties, you have to agree to renovate it, so of course, it will be necessary to have some savings for that.

There is also a time limit on the renovations, with Abruzzo assuring that it will charge €10,000 euros if the renovation plans are not presented within six months of the purchase. It is also requested that work takes no more than three years to complete.

On its website, the houses that are available in Pratola Peligna are shown, in the program called ‘Houses for 1 euro’. It has been reported though that with increased demand, some of the houses in this Italian town have actually been sold for €5,000, or in some cases, €20,000.

As explained by a spokesperson for the ‘Houses for 1 euro’ program, “We do not need new constructions or new over buildings. The strategy to improve the housing environment and recover our cultural identity is to revive the small abandoned centres, or rebuild buildings in a state of abandonment, with a history that is our history”, as reported by 20minutos.es.

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