For years, small towns in Italy like Mussomeli and Sambuca di Sicilia have garnered attention for selling abandoned homes for a low, low cost — often starting at just 1 euro, or about $1.08 USD. The town of Penne is one of the latest to get in on the scheme.
Penne, located in Italy’s central region of Abruzzo, started its program in 2022, but recently announced that it is gearing up to offer even more one-euro homes. The initial launch of the program resulted in the purchase of six of the abandoned homes for sale. Penne’s mayor Gilberto Petrucci, told CNN Travel that they potentially have over 40 vacant buildings looking for new owners.
Petrucci said the goal of selling these one-euro homes is to help revitalize the town’s population.
“Although our total population is roughly 1,200 inhabitants, there are only 1,000 people left living in our gorgeous old district, which risks becoming a ghost town,” he said.
This time around, the available properties have up to three floors and range from around 750 to 1,300 square feet. Some of the buildings even date back to medieval times. The mayor said the starting costs for renovating a small-medium size house is 20,000 euros or $21,636.
The starting cost for a basic remodel of a small-medium size house is in the range of 20,000 euros or $21,636.
Unlike other towns in Italy with similar programs, Penne is selling the one-euro homes, with no down payment or deposit required. The only thing buyers need to commit to is completing renovations on their new properties in three years.
Penne will also offer the services of an agency that will help facilitate renovations.
“We have a team of architects and experts who may advise and support in the renovation works, finding builders and surveyors, showing buyers through renderings what their home will look like once fixed and advising throughout the renovation stages,” Petrucci told CNN.
If multiple buyers are interested in the same properties, they will be sold to the person with the best and fastest renovation plan.
