February 3, 2020, 2:18 pm | Read time: 3 minutes
A house on the Italian coast for almost nothing? That surely sounds like a wonderful and unrealistic dream to many. But it’s not. At least, almost not. The Italian city of Taranto will soon be selling apartments for 1 euro.
In Italy, it’s currently a trend to sell houses at this bargain price. Until now, it was only villages trying to sell their accommodations for a symbolic price, but now Taranto is the first city to join in—and it’s by the sea. Specifically, Taranto (or “Tarent” in German) is located in Apulia, at the start of the Italian boot’s heel on the Gulf of Taranto in the Ionian Sea.
What’s Behind the Cheap Sale?
Like many villages and other cities, Taranto suffers from Italy’s difficult economic situation and the resulting population exodus. According to the online newspaper “The Local,” Taranto has a population of 200,000, but only 3,000 live in the old town. In the 19th century, it was around 40,000. The newspaper reports that many residents left due to the precarious conditions of the streets and houses in the historic old town.
The city, governed by Mayor Rinaldo Melucci, is now countering this development with various measures, including the 1-euro housing project. The mayor aims to bring 25,000 people back to the city. “We’re starting with three buildings, of which fifteen units can be occupied,” says city councilor Francesca Viggiano to the Italian newspaper “Corriere della Sera.” Each of these units costs 1 euro. If it goes well, more city properties will be offered.
According to the newspaper, these are buildings in narrow and dangerous alleys of the old town. Dangerous? “The Local” reports that in 1975 a building collapsed, killing a family. Following the disaster, many residents fled the old town.
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How Can I Get a 1-Euro Home?
Besides the symbolic purchase price, there are various conditions buyers must meet. For example, they cannot simply buy an apartment and leave it empty or resell it; they must live in it and prove it. The apartment must be restored at the buyer’s own expense, which can cost up to several hundred thousand euros. The renovation must comply with the supervisory authority’s requirements and begin within two months of purchase.
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Although not yet officially advertised, there are already interested parties from America and Europe. So, if you want an apartment, you should act quickly.
You can see exactly where Taranto is located on the map: