Buy a Home for 1€ in One of Italy’s Most Secluded Retreats—The Town in Basilicata Is the Latest to Offer Homes Up for Pocket Change

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A medieval castle would be in your backyard.

Another town in Italy is at it again. After spots like Castropignano, Mussomeli, and Zungoli announced they would be selling homes for €1, Laurenzana in the southern part of the country decided to join the mix. And they’re making it even easier to own a dream home for next to nothing.

While most of the towns offer the same €1 ($1.19) homes, many also require a large deposit of €2,000 and €5,000 (roughly $2,380 to $5,950) that’s returned once work on the property is complete. Laurenzana is opting to remove that stipulation, so it opens up the opportunity to more people. Plus, Mayor Michele Ungaro said that they’ve eased up on procedures and requirements to make the process smoother, like reducing the €2,000 notary fee to €300. Basically, it’s a good faith offer when handing over that €1 and signing on the dotted line.

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In addition to the limited upfront cost, those who purchase a home in the town also benefit from low local taxes, making it even more appealing. The only requirement is that buyers must start renovations within three months of purchase and complete the renovation within three years. You must also submit design plans and intended use before getting approval to move forward.

Still interested? Well, there are about 50 historic buildings from which to choose, ranging from 430 square feet to 1,600 square feet. When submitting your proposal, you must state whether you’re looking to build a summer home, open a store, or run bed and breakfast. From there, the mayor will present options and send photos.

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Beyond the home, you also get access to a quaint town complete with narrow cobbled streets, shops, bars, and a medieval castle. And you are close to mountain bike and hiking trails and the UNESCO World Heritage site Maratea.

Potential visitors must visit the property before finalizing the sale, which is difficult with COVID-19 restrictions. So, it’s unlikely anything will be solidified in the next few months.

Interested parties should email comunelaurenzana@rete.basilicata.it for further information.