‘COVID-Free’ Coastal Italian Village Wants You To Buy a House for a Little More Than $1
Now, how would you like to own a home in a rural town in italy for just $1? This is not a dream. It’s a reality.
The Italian town of Cinquefrondi is selling home for just one euro. The town describes itself as a “COVID-free village,” another major plus.
Why are the houses so inexpensive? There are a couple reasons.
First of all, many young people have abandoned the small town which has left the houses neglected and in need of new owners.
Cinquefrondi Mayor Michele Conia told CNN, “Finding new owners for the many abandoned houses we have is a key part of the Operation Beauty [mission] that I have launched to recover degraded, lost parts of town…Too many people have fled from here over the decades, leaving behind empty houses. We can’t succumb to resignation.”
Second, there is a catch. Anyone who buys a one euro home in Cinquefrondi agrees to renovate the home within three years. The new home owners will also need to pay a €250 insurance policy fee each year until the renovation is complete. If the renovation is not complete within three years, there is a €20,000 fine.
Don’t let the insurance policy and the fine scare you off. Three years is a long time to complete a home renovation, especially when you consider how small these homes are. Most of them are only between 40-50 meters wide. According to Conia, the insurance policy and fine were put in place because they need “some kind of certainty once a new buyer commits to the project. The policy fee is very low and the cost of a restyle here is within €10,000 to €20,000, given the dwellings are cozy [and] tiny.”
There are other cities in Italy that are also selling homes for just one euro, but the deal in Cinquefrondi is slightly better. Most other towns require a €5,000 downpayment.
Not sure you’d want to own a home in Cinquefrondi? It sounds like a pretty picturesque place to live, take regular vacations, or possibly turn into a vacation rental. Conia describes the location as follows: “We rise between the refreshing hills and two warm seas, a pristine river runs nearby and the beaches are just 15 minutes away by car.”
Would you want to renovate a home in Cinquefrondi? Would you live there year-round or just visit occasionally? Does it surprise you that there are so many abandoned homes in Italy?