Sicily, Italy

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You Can Buy an Italian Home in Sicily for $1

June 4, 2019

You could own a home in the Italian countryside for less than $2, but there’s a catch.

Mussomeli, a small village in the hills of Sicily, has dozens homes for sale that cost 1 euro, or about $1.12, but they are all abandoned fixer-uppers, according to CNBC.

The homes are being sold by a city-run non-profit and come with a few stipulations that involve spending a bit of time and cash.

Right in the heart of Sicily the charming town of Mussomeli is a breath of fresh air with its stunning scenery and traditional Italian charm. If you can see yourself relaxing here from the comfort of your own 1 Euro house then get in touch! #sicily #relax #holiday #investment #property #mussomeli #diy #home #1eurohome #italy #italiandream Photo by @cnn

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The program dictates that prospective buyers agree to renovate the homes within three years or they risk losing their $5,595 deposit. 

A renovation plan must be submitted within a year and work on the residence has to begin within six months of getting the necessary building permits. Failure to do so could result in forfeiture of the property back to the city.

There are also a slew of administrative fees that can cost upwards of $5,000. In addition, the real estate taxes are estimated to be around 2500–4000 euros, which is approximately $2,700-$4,500.

Most of the houses are anywhere from 118 to 2,045 square feet and, according to the non-profit program, will cost an average of about $150K to renovate.

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Now if all the red tape hasn’t put you off, there is a perk that could make some of the hassle of buying an international property more appealing.

A London-based production company is looking to document the home renovations for a reality series, so prospective buyers are being asked to apply.

“If you think you have what it takes to bring one of these houses back to life, a new primetime TV series wants to hear from you,” a casting notice said on the website.

Mussomeli is the latest Italian town to be selling homes for cheap. Last year, rundown villas were put on the market for around one dollar in places such as Sambuca, Ollolaiand Naples in order to attract international buyers.

So, if you are looking for a home under the Tuscan sun, you have options and your work cut out for you!