You could buy a house in Italy for just 90p - here's how
A village in Italy is selling roughly 100 abandoned properties for €1, which is 90p, in a bid to renovate the area.
If the situation this year with Covid-19 has got you desperate for a change of scenery, this could be the perfect opportunity for you - here’s everything you need to know.
The medieval village of Castropignano
The village in question is that of Castropignano, situated in the southern region of Italy. It can be found around 140 miles southeast of Rome, between the peaks of the Apennine ridge and the Adriatic coast.
The area is home to just 923 inhabitants, with Mayor Nicola Scapillati saying: “We’ve got nothing grand to offer except peacefulness, silence, pristine nature, oxygen rich air, great views and fantastic food, ideal to detox from daily stress.
“It’s not buzzing with life, that I must say, but it’s peaceful and simple.”
May Scapillati is interested in matching interested parties with the right house for them, rather than simply selling them to the highest bidder.
Talking to CNN, Scapillati said: “The scheme works a bit differently. I’m moving along two parallel paths, reaching out both to potential buyers and old owners at the same time, step by step, to make demand meet supply.
“I don’t want my town invaded by a property stampede or to turn into the latest housing speculation deal.”
The Mayor explained that it is a “target, tailored operation” and that people “need to know what exactly they’re signing up for”.
Buyers will be required to renovate the property within three years from purchase, and put down a payment of €2,000 (£1,806), which will then be returned after the works are finished.
Scapillati says that most of the buildings for sale are in decent condition, although many suffer from things like unhinged doors, peeling paint and being covered partly in vegetation.
How to buy one
If you’re genuinely interested in this opportunity, Scapillati is asking prospective buyers to email him directly.
He explained: “I welcome anyone who would like to purchase a new home here to email me directly at [email protected] with a detailed plan of how they intend to restyle and what they would like to do with the property - make it a home, B&B, store, or artisan shop.
“They should also list any requirements they may have, like access for people in wheelchairs. The village is tiny and cars can’t navigate the narrow alleys and steps.”
The more detailed you are, the more likely you’ll be matched with an appropriate property.