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Taranto. The First Italian City To Offer Property for €1.

Following the success of Italian hill-towns and villages now, for the first time, an Italian city is offering €1 properties for sale.

Taranto, a city which sits on an island squeezed between a lagoon and the open sea in the region of Apulia, is offering its abandoned palazzi for the nominal sum of €1.

The hope is to breathe new life into Taranto’s run down, but picturesque historic old city.

Taranto’s city council plans to start by offering five properties for sale, with the hope that if the scheme is a success, the project will be expanded. The aim of the project is to attract investment which will repopulate and develop the historic centre of Taranto.

A list of the €1 properties for sale will be drawn up in the next few days.

New owners:  

  • will be expected to foot the bill of restoring the properties, which could run to hundreds of thousands of euros;
  • will have to present a restoration plan within two months of acquiring the building;
  • will be required to occupy the properties, a condition to stop speculators renovating and selling them on at a profit.

If you are interested in buying a €1 property in Taranto, we recommend you seek independent legal advice before making any commitments. We are here to help, please get in touch.