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The Italian dream
Imagine owning a home deep in Italy’s interiors amid lush-green valleys, in golden-lit towns, or sleepy coastal villages speckled with cypress trees.
The 1 euro program
Since 2008, Italian towns, municipalities and villages seeing steady depopulation have been selling old, unused or dilapidated properties for a symbolic price of €1 (or approximately ₹103).
More than just a euro?
Oftentimes, the homes are auctioned due to a larger public interest, and are sold for more than a euro.
The catch…
Apart from notary fees, property transfer taxes and registration fees, buyers may need to pay over €30,000 on renovations, which they must complete within a few years.
Can foreigners buy?
Foreign nationals, including Indians, can buy the properties, provided they meet additional requirements under the scheme, including obtaining an Italian tax code.
Why so cheap?
Many villages, towns and municipalities across Italy have been facing the problem of depopulation as young Italians migrate to cities and other countries for better opportunities.
Not just houses…
Since the programme's inception in the small Sicilian town, many municipalities have followed suit, selling not just homes, but also abandoned lighthouses and a castle for a euro.
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