Italy's one euro houses: Who can buy one and how does it work?
Several Italian towns sell houses for €1 to combat depopulation. Buyers face renovation costs of €20,000 to €50,000, must start work promptly, and adhere to town-specific rules. Tax exemptions support renovations.
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In Italy, several small towns are offering vacant houses for sale at the symbolic price of €1 to combat depopulation and revitalize their communities. The scheme aims to attract new homeowners who will invest in renovating these properties, stimulating the local economy and preserving cultural heritage. Buyers should be prepared for major renovations, with costs ranging from €20,000 to €50,000, and must commit to starting and completing the work within specified timelines. While legal fees and guarantee deposits apply, Italy offers tax exemptions to support renovation efforts. Non-residents can participate but face higher taxes and residency restrictions. Prospective buyers can find these €1 houses listed on various websites and must adhere to specific town requirements, which may include residency obligations or business plans for the property. The initiative has gained popularity in regions like Emilia-Romagna, Abruzzo, Campania, Sicily, and others, offering a unique opportunity for individuals willing to invest time and resources in restoring these historic homes.
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