Why spend thousands of dollars on a one-time dream trip to Italy when you can spend €1 for a permanent Italian getaway?
For one euro, which is about $1.20, you can own your very own home in the town of Laurenzana, located a few hours south of Naples.
The town is offering abandoned homes at a very low price in hopes of luring in more people to the mostly isolated area.
It’s not the first time a town in Italy offered a too-good-to-be-true deal. Last year, small towns all over Italy offered similar deals, but most turned out to be a scheme, with many individuals having to put down a $5,950 deposit to restore the old homes.
But this time around, no deposit is required.
The decision was made by Laurenzana mayor, Michele Ungaro.
“We want to help newcomers purchase the house of their dreams without making it hard for them to follow tedious procedures and tight requirements,” Ungaro told CNN. “At times it can be difficult to navigate through regulation, particularly if you’re a foreigner. We want this adventure to be a pleasure, not a burden.”
“That’s why we are not asking for any deposit guarantee to ensure the works are speedily carried out,” Ungaro added. “We rely on the good faith and commitment of buyers, but we will be constantly monitoring the work-in-progress and status of the renovation.”
The mayor also added that buyers who opt for a house at Laurenzana must begin renovations three months after buying it, but have three years to complete it.
There are currently 50 abandoned houses throughout the town. Many of the properties date back to the 1800s and are constructed with stone and red brick, featuring iron balconies and pleasant archways.
But many of the buildings have the doors off the hinges, vegetation growing through the walls, missing stones and blocked entrances.
According to Mayor Ungaro, prospective owners should be willing to shell out at least $24,000 to bring the homes back to life — and upward of $90,000 to complete it.
The homes can range anywhere from 430 square feet to 1,615 square feet.
You also have the option to use the property any way you like. It could be transformed into a B&B, boutique or private summer home, among other options.
Anyone seriously considering purchasing a Laurenzana home should email comunelaurenzana@rete.basilicata.it for more information.
Buyers will need to visit the location themselves in order to finalize the sale. Due to COVID-19 travel restrictions, sales are unlikely to be fully processed within the coming months.
The town dates back to the 12th century, with the ruined Laurenzana castle overlooking the hills.
Local delicacies include calzones filled with salami and gnocchi with turnips.