Located in Calabria, Cinquefrondi offers buyers mountains and coastline access as long as they help fix up the town's abandoned houses.
Over the past couple of years, many towns in Italy have started selling houses for €1. Cinquefrondi, located in the southern region of Calabria, is yet another city joining in the practice.
Italy has been facing a depopulation problem with the younger generation for some time now. Many people are moving away from towns like Cinquefrondi in search of better job opportunities. This mass migration leaves places vulnerable as the older residents begin to pass away. All the abandoned real estate is then left to rot.
Mayor Michele Conia said, “Too many people have fled from here over the decades, leaving behind empty houses. We can’t succumb to resignation.”
The Mayor has begun calling this business venture Operation Beauty. The name is fitting as Cinquefrondi does sit in an ideal area of the country. The Aspromonte National Park surrounds the town while the shorelines of the Tyrrhenian and the Ionian Sea are about 40 minutes away. There are also several UNESCO historical sites located nearby. However, the run-down houses distract people from the overall beauty of the location.
The town has also worked to restore the piazzas, public parks, and church. They have even updated a district, known as The Future Hamlet, to be a place for social gatherings and local events.
Other cities who have tried selling homes at this price have required a €5,000 deposit to ensure the renovation of the house. If the project fails to happen within three years, the deposit is forfeited by the homeowner. Cinquefrondi has a different plan in place. City officials will require an annual €250.00 insurance payment until construction is complete. However, buyers will face a fine of €20,000 if the project is not completed in three years.
Conia explained, “We’re just asking for some kind of certainty once a new buyer commits to the project. The policy fee is very low and the cost of a restyle here is within €10,000 to €20,000, given the dwellings are cozy [and] tiny.”
There are about 50 dwellings for sale currently, but there are fully updated homes for sale in the area as well.
With COVID-19 travel restrictions beginning to ease this may be a golden opportunity for people who have found their jobs transformed into fully remote positions. Now might be the perfect time to pack up and buy a home in Italy.
To find out more about the homes on offer, email: firstname.lastname@example.org