Saving to buy your dream home? How does one in an Italian town for just $1 (₹76) sound like? We aren’t joking, this is true. One small town in Italy sells homes just one dollar. The quaint community of Cinquefrondi resides in the southern area of Calabria. This town claims itself to be a COVID-free village. Cinquefrondi is on a mission ‘Operation Beauty’ to attract more residents and revitalize its areas. And as a part of its mission, the Italian town has put its houses on the market for just $1. The trending depopulation in Cinquefrondi compelled the town to do this. The best part is, you don’t need to be an Italian citizen to buy these houses. So read on to find out more about these 1$ houses in Cinquefrondi.
Cinquefrondi Sells $1 Houses
The Italian town of Cinquefrondi has put its homes on the market for almost nothing. Young people from the town are moving away in search of jobs. This has gas led to a trend of depopulation. In the bid to attract more residents and revitalise urban areas as part of its ‘Operation Beauty’, the coastal Italian town put its houses on the market for $1.
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Cinquefrondi Mayor Michele Conia states that finding new owners for many abandoned houses is the key part of Operation Beauty. The mayor launched this to recover degraded and lost parts of the town. She explains that she grew up in Germany, where her parents migrated. And she came back to Cinquefrondi to save her land. Over the last decades, many people fled leaving behind empty houses. The mayor states that the town can’t succumb to resignation. This is about living in Italy. But apart from this the world and India will see many travel trends post lockdown.
The House Requires €250 Policy Insurance Fee Until Compulsory Completion Of Renovation Work Within 3 Years
Homeowners can purchase their homes in Cinquefrondi for $1. But there’s a catch. They are required to renovate their house within three years. Unlike other Italian towns that offer homes for a euro, Cinquefrondi doesn’t require a hefty down payment. This town only requires an annual €250 ( ₹21,555) policy insurance fee until the completion of renovation work. When it comes to quirky houses, did you know, a couple converted a school bus into their home?
However, if new homeowners don’t revamp their homes within the deadline, they’re liable to €20,000(₹17,24,429) fine. The town demands this fine as certainty when new buyers commit to the project. The policy fee is quite low. And the cost of restyling rests within €10,000(₹8,62,214) to €20,000(₹17,24,429) since the houses are cosy and tiny. These one dollar houses belonged to farmers, artisans and shepherds so they are fairly small. They span 40-50 square metres wide. And the three-year timeline for renovation seems doable.
These one dollar houses are situated in the ancient part of Cinquefrondi. Some of them even have a small balcony with a view. The charming town of Cinquefrondi also offers views of the UNESCO-listed Aeolian isles. This is easily accessible from a nearby harbour. Cinquefrondi reported zero coronavirus cases among its residents. The Italian town has had one of Italy’s lowest levels of contagions. Apart from purchasing this $1 house, you can also get paid to holiday at few countries post lockdown.