The Independent. Joey Tyson. 14 April 2022
Italy’s super cheap houses have become the stuff of legend in recent years. The €1 home initiative “Case 1 Euro” launched in 2017, dreamt up by the authorities to reverse the effects of depopulation in rural regions and repair derelict buildings. As abandoned houses and flats were sold off in tiny rural towns all over the country, the idea of nabbing a little piece of Italy for the price of an espresso has pulled in buyers from all over the world.
But while the lure of a house for one euro might sound tempting, the reality is a lot more expensive. Most properties up for sale at that price need significant renovations to make them liveable. Some aren’t much more than four walls and a crumbling roof.
As a result, many buyers opt to pay more for a house that requires less work. By British or American standards, they’re still a bargain – it’s not uncommon to be able to buy and modernise a property in a beautiful rural village for under €50,000.
To find out the reality behind the €1 headlines, The Independent caught up with some cut-price home buyers to hear about their experiences.