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Buy an abandoned house in Italy for just R16!

By May 15, 2019July 25th, 2020FinGlobal

Buy an abandoned house in Italy for just R16!

May 15, 2019


Do you have dreams of living in Italy like a local and enjoying the fine food, wine and culture this country is so famous for? For many people this dream can become an affordable reality with houses for sale in Italy for as little as one euro or R16! To find out more about how to by a house in Italy for one euro, read on.


Italy’s small towns need residents


Italy’s small towns are losing residents as they move to the busier cities in Italy and the surrounding countries. In order to encourage residents to move to the area, many quaint villages have started selling their abandoned properties for one euro or even less!



Move close to the Amalfi coast

The beautiful Amalfi coast is renowned for being home to the rich and famous. However the small southern town of Mussomeli, which is situated just a few hours from Naples and Amalfi, has made living close to the Amalfi coast far more affordable! Mussomeli is selling 100 abandoned properties online and another 400 are expected to be up for offer soon.


Mussomeli is one of the safest towns in Italy

Mussomeli is a small town of around 11 000 people in the heart of Sicily. The town was founded in the second half of the 14th century and features picturesque narrow streets, an ancient church and a medieval castle. In addition, it is renowned for many culinary delights like the hanging caciocavallo cheese and bread baked in wood-burning ovens.


It also has a reputation for being one of the safest cities in Italy, with no robberies for many years due to an advanced video surveillance system and a strong police force. Mussomeli promises a relaxed, peaceful existence to all its residents and already 100 people have bought an abandoned property in the one-euro scheme.



Buyers need to commit to renovations

Many of the properties on offer are in dire need of renovations that are expected to cost in the region of R3 000 per square metre, with additional costs including notary and secretarial fees increasing the purchase price to between R40 000 and R63 000 depending on the property concerned.


Buyers need to be aware that in order to purchase a home, they need to agree to renovate it within three years of signing a deed or they will lose their R80 000 security deposit. Fortunately the town has many engineers and architects available to assist with the renovations, but the buyer will need to be involved with coordinating their own renovations.


The sizes of the properties on offer vary from small apartments to larger three-and-five-room homes, many with good views and original features including intricate moulding work on doors and balconies.


Mussomeli isn’t the only Italian town with cheap homes for sale. There other villages across Italy selling properties for one euro, provided the owners commit to taking care of renovations.


If you are a South African planning on moving to Italy and would like to know more about how you can maximise your finances through the process of financial emigration from South Africa, accessing your South African retirement annuity and our tailor-made tax solutions for South Africans around the world, contact FinGlobal today.

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