Want to own a house in Italy for just €1? Here's what you need to do

Several Italian municipalities have been offering abandoned homes for just €1 in a bid to revitalise their shrinking villages as young Italians move towards the cities. The aim is to attract new residents and prevent further decline of rural communities, particularly in regions like Sicily and Abruzzo. But there's a catch.

These homes are typically uninhabitable and require extensive repairs. The home owners have transferred them to local councils, who later resell them for a symbolic €1 to avoid demolition and stimulate redevelopment and repopulation of these dying villages.

While the purchase price is minimal (1 euro or more), renovation expenses can range between €20,000 and €50,000.

Buyers must submit a renovation plan within one year of purchase (some towns require it sooner), start work within a year, and complete it within three years. These deadlines are enforced by the municipalities.

To secure the buyer's commitment, many towns require a refundable deposit which they also term as “guarantee fee”. This typically ranges between €1,000 and €5,000. If deadlines are missed, the deposit may be forfeited.

Buyers are solely responsible for notary fees, registration, and transfer taxes, which can ass up to around €3,000. All sales are private transactions overseen under the municipality for legality and compliance.

Foreigners are allowed to purchase these properties, but eligibility depends on bilateral agreements. If an Italian citizen can legally buy property in your home country, the reverse generally applies. An Italian tax code is also mandatory.

There are certain government incentives that can help. Italy’s “Superbonus” tax programme offers up to 110 per cent coverage of qualified renovation costs, though availability may vary depending on the region and the type of works being undertaken.

Though some properties start at €1, competition can push prices to €5,000 or more. Still, the scheme remains a potential low-cost route to owning a home in Italy—provided buyers are prepared for the work involved.