The mayor of Cinquefrondi, Michele Conia, implemented as part of his town initiative called Operation Beauty saying to CNN, “Finding new owners for the many abandoned houses we have is a key part of the Operation Beauty that I have launched to recover degraded, lost parts of town.”
The historic town of Cinquefrondi in the southern part of Italy has seen a decrease in its population as young people move to the cities and don’t return once they start their own families. This has left a growing number homes unoccupied and slowly falling into disrepair. Before they become completely unlivable the town has decided to take action and entice foreign buyers by offering up the apartment-sized flats for one euro, or approximately $1.16 using today’s exchange rate.
(The homes need some upgrades and maintenance work—but nothing too onerous—which is part of the reason the price is so low.) He estimates the renovations to the homes will cost between €10,000 to €20,000, or around $12,000-$22,000.
In this case the only requirement is that you complete the upgrades within three years and pay an annual €250 policy insurance fee until the work is complete. If you don’t complete the work within three years you could be liable for a €20,000 fine. Many of the other cities offering this type of deal require you put down thousands of dollars for a deposit that you only get back in if you have completed the renovations in the designated time-frame. But for Cinquefrondi there’s no deposit required outside of one euro and the annual insurance policy.
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