Taranto is the first Italian city to selling homes for €1, or about $1.11, to attract buyers willing to dive deep into renovations.
The latest town of Bisaccia, which sits in the southern Campania region and just over 80 miles from Naples, is putting 90 homes on the market for $1 that is definitely in need of some TLC in an effort to get people to move there.
In Bisaccia, which was highly affected by emigration as well as a series of earthquakes (the latest in 1980), CNN reported the arrangement of homes in the town lent itself to groups going in on a renovation together.
We face a very particular situation here, the town’s deputy mayor, Francesco Tartaglia, told the network. The abandoned (area) spreads throughout the most ancient part of the village. Forsaken houses are clustered together, one next to the other along the same roads. Some even share a common entrance.
That’s why we welcome families, groups of friends, relatives, people who know each other or investors to join forces. We encourage them to buy more than just one house to actually have an impact and breathe a new life.
This is not the first time a town in Italy has flooded the market with €1 ($1.11) homes, hoping to revitalize the communities they sit in. Some have even offered loose restrictions and tax breaks to incentivize budding homeowners.
While new homeowners will have to renovate the dilapidated homes themselves, they will not have to state an investment level or time frame, as has been a common requirement in similar past deals in other towns, according to CNN. Buyers will also be able to purchase directly from the town since all the abandoned houses are owned by local authorities.
This stands as a guarantee that the disposal process will be speedy and smooth, we won’t need to chase descendants of old owners nor have any issues with third parties, Tartaglia told CNN.