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Monday, 18 October 2021

Italy: Small town in Abruzzo offers homes for only 1 euro

The latest Italian municipality to sell off gorgeous properties for the low price of €1 is situated adjacent to popular ski areas, which is great news for enthusiastic skiers. The town of Pratola Peligna is the first in the Abruzzo region to join the €1 plan.

 

Pratola Peligna is located in the Apennine Mountains, just two hours outside of Rome, Italy's capital city.

 

Winter sports are popular in the town since it is close to the Roccaraso and Pescasserol ski resorts.

 

There are around 600 unoccupied buildings in Pratola Peligna, 250 of which could be sold under the new €1 plan.

 

Potential homebuyers will be given a deadline and must renovate their €1 property within that time frame.

After depopulation as people moved to cities, Pratola Peligna's population has dropped from 13,000 to just 7,000 people.

 

The town hopes that the €1 initiative will entice new inhabitants to settle in and revitalize the area.

It is also hoped that the plan will result in many of the town's lovely homes receiving much-needed renovations.

"Our goal is to make them all shine again and recover the splendor of the historic center, even if it may take a while," said local councilman Paolo Di Bacco.

While the low-cost initiative is sure to entice many people to buy a house in Pratola Peligna, those who do not renovate their €1 purchase risk being fined.


A €10,000 punishment might be imposed on new homeowners who fail to file a renovation plan within six months.


The scheme's stone homes are located in the historic district of the town. Some of the larger establishments even have terraces.

 

The settlement looks out over a beautiful valley with flowing streams. 'Cecio ripieno,' a stuffed chickpea pastry, is a local delicacy.

 

While Pratola Peligna is the most recent Italian municipality to join the €1 scheme, discount property offers have grown in popularity across the country.

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As younger people prefer to live in cities, idyllic isolated communities in Italy are becoming increasingly deserted.

Many elderly people have been forced to give their homes to the government since they have no one to leave them to.

In some situations, young people have been given properties in locations where they have no intention of relocating.



In Italy, second residences are subject to taxes, therefore it may be more cost effective to sell rather than keep a home.

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