How does the houses for 1 euro project work?
These houses are owned by individuals who want to get rid of them as quickly as possible so as not to pay taxes. We are talking about dilapidated or dangerous buildings that require major renovations.
The buildings are sold as donations to the municipalities which, by public procedure, sell for the symbolic amount of 1 euro. In other cases, it is the municipal governments that vouch for the owners of these properties.
The advantages of buying a house for one euro
This long-term strategy is attractive for those looking for a cheap and simple home to restore the former glory of these charming Italian villages that the whole world envies for their extraordinary beauty, and for that spirit of the past that is so sought after today.
In addition, the Case 1 Euro (houses for 1 euro) project could shake up the real estate market by facilitating access for young people to own homes, for which the possibility of accessing a mortgage is often an insurmountable obstacle today.
The repopulation of these small towns will promote the birth of tourist activities, revitalising the economy of the whole area concerned. Always with a view to welcoming tourism, you can explore the possibility of redeveloping the property with a small hotel, a B & B, or think of a larger project that also involves more properties in the same village with the possibility of creating an extended hotel.
In short, the possibilities and implications are numerous and very interesting.
Sambuca di Sicilia
On February 19th 2019, the Municipality of Sambuca di Sicilia published a new call for bids (“Bando di Gara”, in Italian) for a second slot of properties in its historical district. The new slot includes 16 properties. A brief description of these properties, including few pictures and indicative site plans, are available on the Municipality’s website.
On the same webpage, the Municipality has made a document available, in both Italian and English versions, describing the rules governing the submission of bids and the final assignment of the properties. The English version of the document has 3 pages.
Properties are assigned based on a silent auction with a starting price of 1 euro, with participating bidders submitting their private offers and the highest bidder winning the property.
The deadline for submitting the bids is Monday 19th April 2019 by 1pm.