Over the past few months, you may have become aware of a certain phenomenon.
Numerous Italian towns have adopted a scheme of selling abandoned homes off for 1 euro, or about $1.12 at the current exchange rate.
Urbanization has led to the dwindling populations of provincial settlements as cities and their suburbs thrive and become overpopulated. As a result, some of Italy’s most beautiful, historical small towns are dying out.
The headline-grabbing low prices are designed to combat that, and what success there has been so far has led to a proliferation of similar strategies being deployed across the country.
The strategy has received plenty of media coverage, and many of the towns have become inundated with offers from foreigners on their cheap properties.
A home for $1 was always going to be too good to be true, however, and most of these properties are often in a dilapidated condition, requiring thousands of dollars in restoration and renovation to make them habitable again — let alone nice.
I recently traveled to Sicily to visit three of the towns that have adopted the $1 home plans — Sambuca, Mussomeli, and Cammarata — to see what foreign buyers are really getting themselves into.
Here’s what some of them look like inside and, finally, once they’re renovated.
Credits: Business Insider