Another Italian town is up for sale for €1 (INR 87), no deposit required

Another Italian town is up for sale for €1 (INR 87), no deposit required

It seems like Italy desperately needs new residents! Another town in Italy is up for sale at €1 (INR 87). This time, the beautiful town of Laurenzana in Southern Italy is offering homes for very little and, this time, no deposit is required.

Laurenzana, set in Italy’s Basilicata region, is selling homes on similar schemes but this time, the government is not asking for any kind of deposit. Earlier, a deposit of somewhere between €2000 and €5000 was asked for before buying the home and that money was returned to the owner after the renovations.

In an interview, Laurenzana Mayor Michele Ungaro told a leading media firm, “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.”

However, the process is not as simple. The prospective buyers must submit a proposal of renovation and a detailed design plan. Also, the renovation must begin within three months of buying the property and must be completed within three years.

The Mayor further said that they rely on the good faith and commitment of buyers but they will monitor the work-in-progress and status of the renovation.

As of now, there are 10 old houses that are available as well as 40 abandoned buildings throughout the historical town. Some of the houses here date back to the 1800s and are made of red brick and stone. Some buildings in the town are still in decent condition but many have missing stones, grass growing through walls, and broken doors.

So owners must be ready to spend at least €20000 (INR 17,35,658) to renovate the houses and buildings.

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