Homes for 1 Euro in Sambuca, Sicily (Italy)
The Italian town of Sambuca in Sicily sells homes for the symbolic value of 1 Euro. It is true but on one condition…
Dream houses for sale at the price of 1 Euro: this is what the Sicilian Municipality of Sambuca stated in order to promote tourism and highlight depopulation issues. The town, also known as the City of Splendor and a contender in 2016 Italy’s Most Beautiful Towns contest, is located in the Province of Agrigento and represents a great investment opportunity for anyone who wants to enjoy incredible views over the Mediterranean island and its beaches.
This news spread further to an article published on CNN, 18th January, 2019.
According to CNN, it’s not the first Italian town to lure in outsiders with tempting offers but, say local officials, Sambuca is scrapping red tape to make sure anyone interested can more or less make their purchase right away. “As opposed to other towns that have merely done this for propaganda, this city hall owns all €1 houses on sale,” says Giuseppe Cacioppo, Sambuca’s deputy mayor and tourist councillor.”We’re not intermediaries who liaise between old and new owners. You want that house, you’ll get it in no time.”
But there’s a condition. The new owners must commit to refurbish their choice of the crumbling 40- to 150-square meter dwellings within three years, at a cost starting from €15,000 (about $17,200). They’ll also need to cough up a €5,000 security deposit that will be returned once the restyle is complete.
Mr Cacioppo says: “Buyers won’t be disappointed… Sambuca is known as the City of Splendor,” he adds. With the population dwindling, Cacioppo says the town needs outsiders to prevent it falling into ruin.“We can’t afford to lose our lovely Arab heritage. Luckily, foreigners are lending a hand in this rescue crusade.” (Source: CNN).
In consideration of the strong interest raised by this news, De Tullio Law Firm is investigating the issue further with the Sambuca Municipal Authorities, in order to provide more detailed information concerning this unique investment opportunity.