What is the essence of the new program
In Italy, a program for settling small towns and villages is again being subsidized. The government has approved a new initiative called “House for 1 Euro”. This project has recently been launched in some Italian municipalities to revive some areas where many people have left and remained abandoned.
The essence of the project is that anyone can buy a house in Italy for just 1 euro if they undertake to reconstruct it and then use it for living or running a business. The downside to such great generosity is that often the new owner has to spend hundreds of thousands of euros on renovations. And there are queues for the most attractive properties in good condition. They often turn into auctions.
The Italian government attempts to preserve and restore its magnificent villages. The initiators hope that “House for 1 Euro” will be able to shake up the country’s economy and real estate market and help young people who cannot afford to take out a mortgage.
Opportunities in different municipalities
The authorities of the popular tourist region of Tuscany are especially interested in such an initiative. They offer their own subsidy for the purchase of housing and relocation to remote communities with a population of less than 5,000 people. Most often these are mountain villages. The subsidy cannot exceed 50% of the cost of the property, and cannot be more than 30,000 euros. You can apply for payment until July 27, 2024.
The settlement of these small towns will contribute to the development of tourism activities. One of the possible purposes of purchasing such a house is to redevelop the property into a small hotel for tourists.
All details about participation in the program can be read on its official website.
Here are just some of the municipalities participating in the “House for 1 Euro” project:
- Montieri (Tuscany),
- Milan (Lombardy),
- Carrega Ligure (Piedmont),
- Pratola Peligna (Abruzzo),
- Santo Stefano di Sassanio (Abruzzo),
- Castropignano ( Molise),
- Caprarica Lecce (Apulia),
- Taranto (Apulia),
- Belcastro (Calabria),
- Monresta,
- Bonnanaro,
- Calatafimi Segesta,
- Piazza Armerina,
- San Biagio Platani.
Journalist, editor with 9 years of experience in investment immigration. I specialize in analysis of residency and tax programs, as well as individual selection of jurisdictions for relocation.
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