Yet another Italian town is offering homes for less than the price of an espresso. Over the next month, a number of run-down homes in Salemi in Southwestern Sicily will go up for auction with a starting price of €1—that's just Rs87.
There's one catch though: these homes will be sold on the condition that buyers renovate the properties. Some of the dwellings on the anvil may need significant repairs due to the damage caused by the 1968 earthquake, many are in reasonably good shape, according to CNN .
Salemi recently made it to Italy's list of most beautiful villages. Surrounded by olive groves and vineyards, it's dotted with cobbled streets, bars and cafes as well as hiking trails. While it's known to be a quiet town, it hosts various food festivals and also a mini Oktoberfest. It's located just an hour's drive from Sicily's capital Palermo.
How does the auction of this town in Italy work?
While Salemi is rather late to join the one-euro-home bandwagon, it will replicate the method adopted by another Sicilian town—Sambuca—in January 2019 of selling homes to the highest bidder to tackle the increasing problem of depopulation and breathe new life into the beautiful town.
To buy a €1 home, those interested will have to submit a detailed plan on how they plan to renovate the property and also make a deposit of €3000 (Rs2,61,264). Plus, those who wish to turn the property into a business—be it a restaurant, gallery or B&B—to boost the local economy can apply for tax credits. People can go through photos of the properties here before they make their bid.
Besides Sambuca, the Italian towns of Gangi and Cammarata in Sicily as well as Zungoli in Campania and Ollolai in Sardinia had announced similar one-euro-home plans to reverse the flow of its dwindling population and bring back their appeal.