For the price of an espresso lungo, you too can own a classic home in Italy.
In Sicily, just a few hours’ drive from the famed Amalfi coast, the ancient town of Mussomeli is selling 100 properties for a euro apiece — a mere $1.60 — as the local government seeks to revitalize the stagnating area as residents flock to urban areas, according to news.com.au.
As many as 400 are expected to be added soon in the town of 11,000 residents, where signs have been posted on the doors of the homes up for grabs.
But it’s worth reading the fine print, which states that buyers must renovate their homes within a year of purchase or lose their $8,000 security deposits.
Renovations won’t come cheap, either, at about $107 per square foot. And administrative fees of up to $6,450 will be tacked on.
In January, the nearby city of Sambuca made a similar offer to homebuyers who must agree to invest $17,200 to fix up the homes.
“This is great, I’m flabbergasted by the response,” Deputy Mayor Giuseppe Cacioppo told CNN in January. “I haven’t come up for air since the story appeared.”
He added: “The 1 euro houses email inbox is full, so people have been calling me on my mobile. It hasn’t stopped ringing. I have received something like a thousand phone calls, I hope not to go nuts.”
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