For a few years now, the 1 euro houses in Italy project has been a great success, attracting more and more dreamy tourists and investors from around the world who wish to seize this opportunity to build their heritage in Italy. But is this project a blessing or a scam?
- What is the 1 euro houses project in Italy?
- Who owns these 1 euro houses in Italy?
- How much do the 1 euro houses in Italy ultimately cost?
- Is it suitable to buy a 1 euro house in Italy?
- Who can buy the 1 euro houses in Italy?
- Where are the 1 euro houses located in Italy?
- How to buy a house in Italy?
What is the 1 euro houses project in Italy?
The 1 euro houses project was born in Sicily in 2009, thanks to the Mayor of the small village of Gangi, who at the time was facing various challenges:
- Restoring the abandoned and dilapidated houses of the village. Indeed, Mayors have the responsibility to renovate houses that pose a risk to citizens, and this comes at a significant cost to the municipality’s budget.
- Repopulating villages after rural exodus, which over the years has forced many Italians to move to big cities to access various services (schools, doctors, shops, etc.) and find employment.
- Promoting economic and demographic growth.
This innovative project solved these three issues in the town of Gangi, as well as helped many municipalities throughout Italy.
Now, the initiative has convinced more than 40 Italian municipalities and also other countries in Europe such as France, Spain, and the United Kingdom.
In France, for example, the project was adopted in 2016 by the city of Roubaix in partnership with the European Metropolis of Lille (MEL) with the experimental project “maisona1euroavectravaux,” which was a real success.
However, the extensive publicity surrounding these types of houses for sale in Italy often creates misunderstanding among investors regarding this initiative. That’s why we would like to delve deeper into this subject by answering all the questions you may have about it.
Who owns these 1 euro houses in Italy?
The 1 euro houses are old buildings owned by individuals who have chosen not to establish their primary residence there, do not have the means to maintain or renovate the property, but continue to pay the property tax in Italy related to this property.
It is clear that for all these individuals, the situation is critical because these houses have a significant financial burden, and that is why the municipality helps them by organizing and guaranteeing the sales.
How much do the 1 euro houses in Italy ultimately cost?
When we think about a house that costs 1 euro, are we aware of the additional costs? If we take the example of a 100m2 house for 1 euro, we must consider notary fees, the renovation plan, and renovation works. Let’s look at the breakdown of costs together:
- Notary fees: 1000-1500 euros
- Renovation plan: 3500 euros
- Renovation: from 500 to 1500 euros per square meter depending on the work required.
Thus, a 1 euro house can ultimately cost between 55,000 euros to 155,000 euros
Is it suitable to buy a 1 euro house in Italy?
Nous l’avons vu, d’après un rapide calcul, il semblerait qu’une maison de 100m2, qui est en vente à 1 euro revienne finalement à minimum 50 000 euros. Est-ce réellement une bonne affaire?
Le prix ne peut pas être l’unique indication lorsque l’on souhaite invéstir en Italie. Si tu es à la recherche d’un village dépeuplé, dans lequel pouvoir construire ton havre de paix tout en participant à une belle initiative, alors ce projet est fait pour toi.
Si par contre tu es un invéstisseur quié souhaite ouvrir un Bed and Breakfast en Italie pour préparer ta retraite, fais attention à la ville que tu choisis. Ces maisons se trouvent souvent dans des villes peu connues, difficilement accessibles et ayant peu de services ce qui s’avère incompatible avec la réussite d’une activité touristique. Des maisons à ce prix tu auras la possibilité d’en trouver dans toute l’Italie!
Buying a house in Italy is not easy, especially when one doesn’t speak Italian. We are vulnerable and can easily fall into real estate traps, which is why it’s important to be very careful, take the time to evaluate the different options available to us, and seek guidance from professionals.
Who can buy the 1 euro houses in Italy?
The purchase of a 1 euro house is not automatic, contrary to what one might think, but prospective buyers must meet certain conditions:
Step 1: The candidate fills out an application form with their personal information, contact details, and chosen house.
Step 2: Present a renovation plan that meets certain criteria and must be approved by the Municipality.
Step 3: Deposit a deposit of approximately 2000 euros with the Municipality. This deposit will be refunded when all defined conditions have been met.
Indeed, buying this type of property commits you to be accountable to the Municipalities, which may decide to set certain conditions, for example: establishing your primary residence at the property address, excluding certain external modifications, etc.
Where are the 1 euro houses located in Italy?
The complete list as well as the map of the 1 euro houses in Italy can be found on casea1euro.it. Most of the properties are located in Sicily, as it is the place where this project originated. However, you can find them in several Italian regions. Nevertheless, not all cities participating in this operation always have properties for sale. That’s why it’s important to always check the list of properties on the website directly to ensure you always have an up-to-date inventory.
How to buy a house in Italy?
In our articles “Buying a house in Italy” and “Second home in Italy,” you can find fundamental information for buying a house in Italy, whether for a lifestyle change or for investment. If you are considering opening a B&B in Italy to make your purchase profitable, we advise you to read our article and conduct market research before launching your project to ensure its success!