March 6, 2023 | Eul Basa

An Italian Town Is Selling Houses For €1 With No Deposit Required

Now's your chance to live out your Under the Tuscan Sun fantasies: Laurenzana, a small town in Southern Italy, is now selling homes for next to nothing as part of an incentive to attract new residents to the area. While it isn't exactly Tuscany, the town still has the same allure and otherworldly charm as its west coast counterpart. Homes there are being sold for just €1 each, but unlike other Italian towns that run similar schemes with mandatory deposits between €2,000 and €5,000, Laurenzana is not requiring buyers to put down any deposit whatsoever.

Michele Ungaro, the Mayor of Laurenzana, explained the town's decision to keep sales as simple as possible in a recent interview with CNN:

"At times, it can be difficult to navigate through regulation, particularly if you're a foreigner. We want this adventure to be a pleasure, not a burden. That's why we are not asking for any deposit guarantee to ensure the works are speedily carried out."

Of course, there's more to it than just paying €1 and receiving a house. Potential buyers will be asked to prepare a proposal that includes a renovation plan for the property. Work must be started within three months of purchase and completed within three years. Town officials will also monitor the progress and keep up with the status of the project.

Currently, there are 10 old houses available for purchase in the town's historic district, as well as 40 abandoned buildings throughout the area. While they will be sold at €1 apiece, many of them date back to the 1800s and will need significant improvements. Missing bricks, broken doors, invasive vegetation, and worn-down entrances are common issues in these properties, and according to Ungaro, it will take an approximate €20,000 (or $23,800) investment from the buyer to fully revamp their space.

Each home is around 40 to 150 square meters, which is a good size for a small B&B, boutique, or vacation home. Those interested in purchasing a property will have to visit the site first before finalizing the sale; however, due to COVID-19, it could be some time before such visitations are possible.

For more information, buyers can send an email to [email protected].

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