Mountain Homes Near Beautiful Ski Areas in Italy are Selling for Less Than $2 – But There’s a Catch

The Italian town of Pratola Peligna in the stunning Apennine Mountains, in the Abruzzo region of Italy, is selling off homes for £1 ($1.10 USD). The area is home to dozens of ski areas, beautiful views, and is only two hours away from Rome.

Why Are These Homes So Cheap?

Abruzzo is the latest region to offer houses through the country’s popular €1 home scheme. Up to 250 abandoned houses are available for purchase but there are some things you should know.

The biggest catch is the homes are fixer-uppers. Major renovations are often not only needed but required. So, any buyers must be aware that they will be spending significant money for a makeover.

Overhauling of the properties often has to happen in a reasonable amount of time. Authorities typically require that renovation plans be submitted within six months of purchase. If you don’t, you could be fined €10,000. This ensures that buyers don’t just purchase the home and then let it fall apart.

Another noteworthy piece of information is the sale price isn’t always €1. That is the starting price, but since the homes are being sold at auction, bidding wars can drive the price upwards of €5,000 or even higher.

There may also be other acquisition costs associated with the purchase. Legal fees can add up to €3,000 if you’re a foreign buyer. There may be holding deposits required as well.

Why is the town doing this?

The reason the town doesn’t sell the homes at market value is strategic.

The goal is to get more people living in less populated areas of Italy. In the 1930s about 13,000 residents lived in the city. Today, current statistics say there are closer to 7,000. Having the homes occupied and improved upon is more valuable to the city in the long term than getting a higher market value today.

It is not just one area of Italy that is doing this either. Similar homes through the scheme are available in about 25 Italian municipalities. They even include Sicily, Sardinia, and Tuscany.

It is a unique direction to improve the housing environment. Cultural identity runs deep in Italy and reviving the abandoned homes and buildings seems the best way to preserve it.

If you’ve dreamed of owning a home close to the mountains, but never thought you could afford it, this might be an opportunity to consider.