If you’ve ever fancied venturing into the property market abroad, then now could be your chance as one town in Italy is selling homes for just 80p.
This Italian town is among many others in the country that is struggling with a decrease in populace, hence an attempt to attract more people to move to the area with low property prices.
Located on the island of Sicily in the south of Italy, the town of Bivona is hoping to attract more residents, as it currently has a population of just 3,800 people – half the amount it had 40 years ago.
The small commune is perfect for those wanting to escape the busy city life.
Bivona is known for the white peaches that it grows, and every year the town celebrates this with a Peach Festival in August.
They also celebrate St Joseph in March.
Angela Cannizzaro, Bivona’s culture councillor, told CNN that they wanted to restore the town back to the “renaissance era”, when the region flourished.
How can I buy an 80p home?
There are currently homes available to purchase for just 1, which is around 80p.
However, in order to buy one of these 80p houses, you need to be able to pay a $2,750 (£2,100) bond, which is half the amount asked for by other Italian regions that are also trying to entice new residents.
Renovating the property
These properties may need some renovation work, but this is expected to cost around £2,100 and could take up to four years.
Although some of the houses need minimal work doing to them, some are just shells, such as old farms or stables, which will need entire refurbishments.
If you decide to invest in one of these properties, you don’t have to live in it. You can turn it into anything, such as a restaurant, shop or hotel.
It is also said that if you do decide to visit the location to look at the houses, you will be given a free food and wine tasting session by locals, which includes red wine and bruschetta.
Is there anywhere else I can buy cheap houses in Italy?
There are numerous other locations that are offering cheap homes for just €1. In Sicily, the locations of Mussomeli and Cammarata are selling low-cost homes, alongside Ollolai, which is located in Sardinia.
This article was originally published on our sister site, Yorkshire Evening Post.