Fed up with the cost of living crisis? Is the black mould in your overpriced Sydney rental apartment giving you long-term health complications? Well you’re in luck because you can purchase your very own home for just $1.72. The catch? You have to move to Italy.
The Italian One Euro House Program is back again, and Australians can take advantage of the relaxed property laws to snag a property for less than the price of a cappucino back in Australia.
A number of one-Euro house programmes are being run throughout the country, hoping to attract foreign owners to areas with dwindling populations and dilapidated properties.
In the past decade, the population of Italy has dropped by more than one million people, and is expected to drop by another million in the coming decade as a result of a declining birth rate and a mass exodus of Italians working abroad.
Additionally, the cheap prices can be boiled down to the fact that owning multiple properties in Italy comes with some hefty tax obligations, which means some inheritors choose to abandon properties rather than pay the taxes associated with propert hoarding — Albo, if you’re reading this, take notes.
Depending on the location, you may be subject to clauses regarding how soon you need to renovate the property — with some areas like Mussomeli requiring residents to pay a 5,000 euro deposit to prove their intention to renovate within three years of purchasing. But, it goes without saying that 5,001 euros is still considerably less than the median house price in Sydney.
The town of Penne — located in the central region of Abruzzo — is half way between the Gran Sasso mountain range and the Adriatic coast, and it could be your new home for less than the price of a glass of wine — and with no real rules.
“The only requirement is that buyers commit to restyling these houses in three years, but we ask for no downpayment guarantee to start the works. We really want to encourage and support those who come to revive the ancient neighborhood,” Penne’s mayor Gilberto Petrucci told CNN.
Additionally, the town has a number of builders, architects and experts to help you through the renovation process — so all you really need is the cash.
“We have a team of architects and experts who may advise and support in the renovation works, finding builders and surveyors, showing buyers through renderings what their home will look like once fixed and advising throughout the renovation stages,” Petrucci said.
According to the mayor, “a handful” of properties will become available in the next few weeks, with six homes having already been sold as part of the program since 2022.
“There are potentially over 40 empty buildings in town looking for new owners, and they’re all located in the historical center which has been declining since families started emigrating decades ago,” Petrucci said.
“Although our total population is roughly 1,200 inhabitants, there are only 1,000 people left living in our gorgeous old district, which risks becoming a ghost town.”
According to the mayor, renovation costs start at around 20,000 euro, or $34,000 AUD for a basic small-medium renovation.
Or, if you can’t be bothered renovating, you can purchase a turnkey home — or one with minimal renovations needed — from around 40,000 euros.
So, if you need me, I’ll be sipping prosecco in Italy.
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