Buy a Property for One Euro in Sicily for a Change of Lifestyle or to add to your Property Portfolio
Various regions in Italy have, for some time, promoted real estate schemes whereby declining villages offer houses in need of restoration at a price of one euro. These schemes differ in the detail but are broadly the same, they are aimed at reviving an area and restoring it to its former glory. The latest offering in Castiglione di Sicilia, in Sicily has rather more to offer.
The mayor, Antonino Camarda, has catalogued the 900 abandoned properties available according to the condition of the property from inhabitable to decent condition. The prices reflect the level of refurbishment required to make them habitable. The prices of the plots included in the scheme run form one euro properties, these being in the least habitable condition and require extensive renovation to €4,000-€5,000 properties that require minimal restoration to bring them up to standard and put them in good order. There is a special task force in place to liaise between the families that wish to sell the properties and the potential buyers. At least 400 of the properties available require minimal restoration and can be liveable quite quickly.
The scheme is appealing to both astute investors aiming to increase their property portfolios, families looking for a holiday home and also those seeking a retirement destination in the sun. Unlike other schemes, whilst the restoration work must be completed within three years, there is no deposit system in place. Potential purchasers are required to take out an insurance policy from a suitable bank in the sum of €4,000 which is likely to cost €100 per year. Mr. Camarada stated that he felt that this was a fairer and more affordable way of ensuring that the refurbishments were carried out.
Giambrone’s expert real estate lawyers have extensive experience in assisting foreign buyers looking for the best real estate opportunities in Italy. The economic decline and real estate crash, caused by the coronavirus pandemic has provided opportunities for investors and individuals planning a foreign real estate second home purchase alike, schemes as favourable as that in Castiglione di Sicilia, may not be seen again. However, as with any project, particularly one abroad where the foreign purchasers do not have knowledge of the practices and procedures surrounding property purchase in Italy, it is essential to safeguard your purchase by instructing an expert real estate lawyer to protect your interests and ensure that all your dealings are sound.
Another highly advantageous benefit is that Sicily has lower local taxes compared to the rest of Italy and there is also the opportunity of accessing the Italian government’s “superbonus” scheme that hands out tax credits of up to 110% for environmentally friendly renovations. Should any particular property be sought after by several potential buyers an auction will be held.
Castiglione di Sicilia is a member of I Borghi Più Belli d'Italia an Association of the Most Beautiful Villages in Italy and has a varied architectural heritage dating back to the Renaissance. Castiglione di Sicilia is a wine village and is surrounded by wine estates, olive groves and orange orchards. The village hosts wine festivals and has river trekking, rafting, canyoning, biking, horse riding and walking trails near by and a sea-coast with silver sand is just 40 minutes drive away.
Giambrone’s highly regarded real estate lawyers can assist with all aspects of your purchase.