• Tue. May 28th, 2024

Why is the one euro house sale in Italy failing to attract buyers?

Byeditor

Mar 27, 2024

In recent years, small towns and districts in Italy that have been emptied of residents due to urbanization have found a solution to their abandoned and neglected houses. These towns offer houses for sale for only one euro, attracting buyers from around the world. However, the cost of renovation required by Italian laws falls on the buyer. Many buyers, especially those in the USA with Italian descent and a connection to the country through tourism, have purchased old houses in charming villages and renovated them into vacation homes or rentals.

Despite the success stories in the media, Italy’s “houses in euros” business faces obstacles. For example, the village of Patrica, located south of Rome, has struggled to sell abandoned houses for one euro. The current mayor, Lucho Fiordlisso, has been trying to sell dozens of old houses in the village, but faces challenges in locating descendants of the original owners who have left to immigrate to other countries. Italian law requires permission from descendants to sell the houses, making the process difficult.

While the municipality was able to get consent from some homeowners and market the houses for sale, many interested parties withdrew at the last moment due to family conflicts. Only two houses were sold for one euro each, both to local residents looking to get rid of family assets. Legal barriers have prevented the mayor from selling more houses, and despite interest from international customers, there are limited properties available for sale.

Ultimately, the sale of these houses in Italy for one euro has been met with mixed success. Some buyers find the cost of renovation too high and opt for more expensive properties in the area. While the concept of buying a house for one euro may seem attractive, the reality of the legal and familial challenges involved in the process can make it a difficult investment.

By editor

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