The ‘it’s free real estate!’ meme, a line from a Tim & Eric Awesome Show, definitely comes to mind when looking at the latest property ads on the cheap real estate market. I could not believe it myself and was actually contacting the advertiser and told them to change the price to the actual value.
To my surprise all three properties the real estate agent offered for 1 Euro each turned out to really be for only one Euro. Of course, the one Euro is just a symbolic price.
But where is it and Why?
The location is beautiful Sicily. Apparently, that’s where several towns are testing the 1-euro scheme.
With this initiative, small towns with shrinking populations aim to repopulate the old town and recover abandoned real estate.
Those who purchase a building are free to use it as a home, hotel, B&B, restaurant, or shop — although tax incentives may be given to those who decide to stay and live there.
It perhaps sounds too good to be true, and there is, of course, always a catch. In reality, if a home for €1 sounds too good to be true, that’s because it is. €1 won’t get you a house that’s ready to move into. You have to be aware that you are buying a fixer-upper that comes with a few conditions.
The small town of Bivona is the latest destination for real estate tourists hoping to get one of the cheap houses. Make no mistake, Bivona is no ghost town. It is located at the foot of Monti Sicani, an area full of history and beauty. You can see more information about the project here: https://1eurohouses.com/case-a-1-euro-a-bivona/
If you are interested to get on with the sale right away, you will be happy to know that “My House” is the agency which has been appointed by the Town Hall of Bivona to handle the sale of these 1 euro properties. You can find their website on www.propertiesinsicily.com.
When will you get your free real estate?