Oh yes, you can actually own a home for less than the price of coffee in a small hilltop town of Sambuca, Sicily in Italy.
The town announced last week that it is selling off old properties for €1 in hopes of saving the town from depopulation.
But in reality you will be required to sign up to spend upwards of €15,000 on renovating their new Sicilian homes, and to pay a security deposit of €5,000 only.
This offer apparently has caught a lot of attention outside Italy. “A businessman from New York just called me, saying he’s flying to Sicily tonight, and a very rich lady called from Dubai. She wouldn’t say her name or who she works for; she wants to buy all the dozens of €1 houses on sale. “The town’s deputy mayor, Giuseppe Cacopio, told CNN.
This is not the first time this kind of financial incentive has been used to bring back life to dying villages and towns in some parts of Italy and certainly would not be the last.
More than half of Italy’s small towns are destined to become deserted in the next few decades as their populations dwindle further.