INTERNATIONAL
Can you buy a home in Italy for R19 ?
SNAPPING UP A € 1 HOME IN ITALY
. . .
With property prices out of reach for many first-time buyers in South Africa , the possibility of snapping up a home for € 1 or approximately R19 ( depending on currency fluctuations ) may sound far-fetched . But this is a real possibility if you ’ re happy to consider a property in far-flung Italy .
58 T R A V E L
The Italian € 1 homes project has hit the headlines recently in part because of the ingenuity of the scheme and because celebrities Amanda Holden and comedian Alan Carr took part in the initiative and created a docu-series about it , called The Italian Job .
In the series , the duo donned hard hats and used their passion for interior design to transform a dilapidated home in Sicily . The renovated home was then sold and the profits were donated to charity .
But how realistic is it for South Africans to take part in this and how does it work ?
Why launch € 1 homes ?
The reason behind the € 1 homes scheme is a simple one : Italy is struggling with a depopulation problem . This is because young Italians are gravitating towards the bustling cities to find jobs and are falling out of love with the quiet , rural country life . It ’ s resulting in many of Italy ’ s small villages becoming desolate with only a few remaining older folk living in them . But as they age further , they are passing on and , in most cases , with no family to leave their homes to .
For those who inherit a home from a relative in the countryside it ’ s often not worth the trouble . This is because owning a second home in Italy means paying more taxes , so it often makes sense to sell these homes , particularly if they have no intention of moving back from the city .
Do you only have to pay € 1 ?
The project is offered by around 25 Italian municipalities . They offer prospective buyers the opportunity to purchase a home for the symbolic price of € 1 . It ’ s symbolic because there ’ s more to it . Starting prices can go as low as € 1 , but the catch is that