Owning a beautiful vacation home in Italy does not have to be a fantasy! Italy is practically giving homes away. Several locations in Italy including Sambuca and Ollolai have been selling homes for only one dollar! YES, you read that correctly. You can buy a house for less than the price of a slice of pizza! This is indeed an offer that you can’t refuse!
Ollolai is a town in the upper part of Sardinia. Buyers are able to view over 200 abandoned villas and choose which one they would like. You can see the town location on the map below.
Why are these homes so cheap?
The homes are selling for so cheap because the town is aiming to revive the population and attract new residents. The population of these villages has shrunk immensely over the past 50 years and the goal is to not allow these towns to become completely abandoned. These villages are becoming less populated due to Italians immigrating to other countries such as America and Brazil for hundreds of years. This is evident when we stop to look at how large the current Italian-American population which is over 15.7 million people.
Even if individuals do not wish to purchase these homes to live in, there are countless possibilities of what can be done with them. They could be turned into very profitable attractions such as bed and breakfasts.
Is there a catch?
There is one small catch. The owners of the villas must commit to refurbishing them within three years from the time of purchasing. The average cost of this is around 25,000. Nevertheless, for a refurbished stunning Italian villa this is still an amazing deal! This is an amazing investment and many are already buying.
Main Image: PropertyGuides