Read news from:
Austria
SHARE
COPY LINK
For members

PROPERTY

Italian property news roundup: one-euro Sicily homes and how to get a mortgage in Italy

More one euro homes have hit the Italian market and we bring you expert advice if you're hoping to get a mortgage in Italy. Here are the Italian property-related updates you may have missed in The Local's weekly roundup.

Published: 13 October 2021 17:17 CEST
A yellow Italian building
Photo by Tim Alex on Unsplash

One euro homes in Sicily

The list of old and neglected properties on sale for the symbolic cost of one euro has grown again this week.

Pettineo in Sicily has launched its initiative to repopulate the village and upgrade the housing and architectural heritage of the historic centre.

The aim is to recover these unused properties and enhance them, combatting the problem of depopulation, as is so often seen in Italy’s ghost towns.

OPINION: Why Italy must put its forgotten ‘ghost towns’ up for sale – or risk losing them forever

There’s also some fine print, of course, but in this scheme, the municipality is offering up the buildings for a raft of different functions. They can be used as:

  • Dwellings for young couples or disadvantaged families;
  • Dwellings for individuals and/or families;
  • Dwellings to be used as second homes;
  • Tourist accommodation facilities (such as a B&B)
  • Premises for shops and craft workshops;
  • Headquarters for cultural, musical and sports associations and other non-profit organisations.

The form to apply for this scheme can be found here. The sale must be carried out within two months of approving the deeds, while any renovation works must be in accordance with local regulations and must be completed within three years.

Houses by the sea in Sicily, Italy.
A slower pace of life in Sicily. Photo by Flo P on Unsplash

Remember these initiatives can be costly and complex, so seek professional advice before buying. 

Growing trees indoors – a new Italian trend?

Italian architecture and design is world-renowned and this latest concept from Italian architects Carlo Ratti and Italo Rota is likely to make an impression on the international property scene.

They’ve taken the idea of bringing the outdoors indoors to a whole new level, growing a tree inside a renovated farmhouse, according to architectural reports.

Forget house plants, this tree growing 10 metres high right inside the property represents the family’s strong connection to nature. The designers created the project for Francesco Mutti, the CEO of one of Italy’s most famous food companies, ‘Mutti’.

Incorporating nature inside is a theme the property designers have employed all over the world, such as the Jian Mu Tower in China.

Funds for school buildings

While opportunities exist for property hunters in the form of one euro homes, and homeowners can benefit from the government ‘superbonus 110‘, authorities are looking to revive the country’s school buildings too.

PROPERTY: Italy’s ‘superbonus’ renovation projects delayed by builder shortages and bureaucracy

“By November, we are ready to call for tenders for €5 billion: €3 billion for nurseries and kindergartens, €400 million for canteens, €300 million for gyms, €800 million for new schools and €500 million for renovating schools and making them safe,” Education Minister Patrizio Bianchi told reporters.

As part of the National Recovery and Resilience Plan, these pots aim to reform and invest in technical and vocational schools, allocate budget to help students choose their training path, recruit and train teachers and create newer and better places to learn.

In case you missed it

If you’re trying to get hold of a mortgage in Italy but don’t live in the country, you might want to read our article on how to do it – with advice from property expert, Daniel Shillito.

Did you know it’s better to apply for a mortgage in your home country first rather than leave the UK and US and apply for one in Italy?

This is just one of the common mistakes people make when trying to navigate property purchasing in Italy.

Whether you’re a resident or non-resident and want to buy a home, you can find the professional insights on getting a mortgage here.

If you have any tips, stories or thoughts on what we should include in the next edition of the property roundup, we’d love to hear from you. Email us here.

See more in The Local’s Italian property section.

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.
For members

PROPERTY

Can you still buy Italy’s one-euro homes in 2024?

A lot has changed since Italy's 'one-euro' home offers first made international headlines, so are they still available - or worth considering?

Published: 14 May 2024 10:27 CEST
Updated: 18 May 2024 07:39 CEST
Can you still buy Italy’s one-euro homes in 2024?

The prospect of buying a house in Italy for less than the price of a caffè normale at the local bar caused a sensation back in 2019, when news of one-euro home schemes hit the international headlines.

There was a property stampede in Sicilian towns in particular, with local mayors reporting being overwhelmed with enquiries in English and other languages.

MAP: Where in Italy can you buy homes for one euro?

Even sceptics couldn’t contain their curiosity: Was it a joke? What condition were these houses in? And how much was this really going to cost?

Several years later, we know that these schemes are legitimate attempts to breathe new life into depopulated areas and unburden local authorities of old, unwanted properties that would otherwise be left to fall apart. And in some cases, at least, it has worked – and proved very lucrative for the towns involved.

We know most of these houses are in a very poor state of repair, requiring major investments from their new owners. And we know the costs can be high, with reports of some international buyers spending hundreds of thousands of euros on renovations – many times more than the property’s potential market value.

READ ALSO: Six things to know about Italy’s one-euro homes

But we’ve also heard from some readers who tell us that, while these homes do of course cost more than one euro, for a sensible buyer they can be a worthwhile investment.

Not only are Italy’s one-euro home offers still going strong in 2024, but new towns are joining the scheme, while others continue to announce similar ‘cheap home’ projects such as the rental programme in Ollolai, Sardinia aimed at remote workers – one scheme that’s expected to take off following the introduction of Italy’s new digital nomad visa in 2024.

So what do you need to know if you’re curious about these Italian property bargains?

As ever, if you’re interested in buying a one-euro home you’ll need to meet certain requirements which vary depending on the local authority. After all, this is not a nationwide scheme but a series of small initiatives run by local councils in each town or village, so you’ll need to carefully check the terms and conditions of every offer you consider.

Generally though, the following will apply:

  • Foreign nationals can buy one-euro houses, whether they’re EU or non-EU citizens – but remember owning one will not give you any residency rights in Italy, and visa rules will still apply to non-EU nationals.
  • The prospective buyer can’t just make vague promises about doing the place up: you’ll need to present a renovation plan within 2, 3 or 6 months depending on the village.
  • Buying a one-euro home to turn into a tourist rental business is generally allowed, but you’ll need to let the local authority know your plans when you apply.
  • The cost of the house, all renovation costs, and all notary, legal, transfer and other fees are the responsibility of the buyer.

Some things have however changed in the past few years which make buying and renovating a one-euro home less affordable than it once was.

Many buyers in recent years were further tempted by generous state subsidies available to cover the cost of renovation work – most famously the ‘superbonus 110’ which covered up to 110 per cent of qualifying expenditures.

READ ALSO: What taxes do you need to pay if you own a second home in Italy?

Though the superbonus is now winding down and is no longer open to new applications, it has had a knock-on effect which means renovations in Italy generally take longer and cost more than they used to.

The superbonus scheme’s enormous popularity led to an ongoing shortage of building contractors in Italy, who were booked up months, or even years, in advance.

And as the popularity of these offers has exploded, the most viable properties in some areas now often become the subject of a bidding war, with the sale price rising from one euro to tens of thousands.

Find a map of the towns currently offering one-euro homes in Italy here.

Have you bought a property through a one-euro home scheme in Italy? We’d love to hear from you. Please get in touch by email or in the comments section below to let us know about your experience.

SHOW COMMENTS