Penne's 1 Euro homes: A chance to revive history
The Italian town of Penne has put up to 40 houses on the market. The offer is not a joke, although the prices are indeed astonishingly low. A property in sunny Italy can be purchased for just 1 euro (84 pence).
This initiative is the latest from the local government of Penne, situated in the Abruzzo region, in the heart of the Apennine Peninsula by the Adriatic Sea. Since 2022, six properties have been sold under this scheme, mainly to Italians. Now, as many as 40 houses are available for purchase.
Unique offer
Once again, the Italian town is drawing attention by offering properties at the symbolic price of 1 euro (84 pence). According to CNN, this offer is even more appealing than previous ones. This time, buyers are not obliged to provide any down payments or guarantees regarding a deposit to secure funds for property renovation.
The only requirement is for buyers to commit to renovation work within the next three years. "The only requirement is that buyers commit to restyling these houses in three years, but we ask for no downpayment guarantee to start the works," stated Gilberto Petrucci, the mayor of the town, in an interview with CNN.
They want to give new life to the historic district
The mayor emphasises that the offer aims to revitalise the historic district. "It just hurts me so much to see these houses just lying there abandoned. It’s a like a wound. We really want to encourage and support those who come to revive the ancient neighbourhood," he admitted in an interview with CNN.
These houses in Penne, primarily located in the historic centre, have been empty for years, as former residents left the town in search of work. Although the buildings require renovation, Mayor Gilberto Petrucci estimates that basic work will not exceed €20,000 (£16,700). New owners can benefit from the support of a team of architects and experts who will assist in project implementation.
