Italian town sells historic homes for just €1 to boost population

The historic town of Naro in Sicily, Italy, is offering a unique opportunity for prospective homeowners: houses are available for a symbolic price of just €1 (approximately RM4.70).

This initiative aims to combat depopulation in the town, which currently has around 6,700 residents, and to rescue its numerous abandoned historic buildings. The offer targets both local Italians and foreign buyers, hoping to inject new life into the community.

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The €1 house is basically just a structure that requires comprehensive renovation, including electrical wiring, plumbing, roof repairs, bathrooms, and kitchens.

However, the incredibly low price comes with significant conditions. Buyers must commit to undertaking comprehensive renovations within three years, adhering to local planning and safety standards. A deposit of approximately €5,000 (RM23,510) is required, which is refundable upon completion of the renovation work. Additional costs, including notary fees, cadastral taxes, and registration fees, also apply.

George Laing, a buyer from London who has previously participated in similar €1 house programs, shared his experience. He noted that these properties are essentially structures requiring complete overhauls, including electrical wiring, plumbing, roofing, and kitchen and bathroom installations. Laing also pointed out that initial legal and administrative costs alone can reach around £4,000 (RM21,986), and many of these €1 homes lack basic water connections.

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The legal and administrative costs alone can reach around £4,000, including agency fees, notary costs for title transfer, and vehicle energy certificates.