Have you been dreaming about the 1-euro house project since we first published an article about it a few weeks ago? This time, Sambuca, a small village in Sicily, has a similar offer to seize as soon as the global pandemic gives respite. This article will summarize the main features of the project.
Sambuca di Sicilia (in Sicilian: Sammuca) is a municipality near the coast in the province of Agrigento, in Sicily. The town was founded by the Greeks around 830 AC and it was later conquered by the Saracens who turned it into a flourishing trade center. The town is named after the Arab sovereign Emir Al Zabut, who is also known as the Splendid One and this is why the village is also called the “City of Splendor”. Sambuca is an open-air museum, a patchwork of contrasting architectural styles: Islamic art on the one hand, and baroque on the other. Thanks to its distinctive historical, cultural and artistic heritage but also to its surrounding landscape, Sambuca was included in the list of the most beautiful villages in Italy both in 2014 and 2016, thus attracting a number of foreign investors. This little town, together with other villages (if you would like to learn more about them please click here) has come to the fore for selling properties for 1 euro. More recently, the town has announced that after the current health emergency is over and people can travel without any restrictions it will launch a new project and sell houses for 2 euro. As a matter of fact, the municipality of Sambuca will auction about 15 houses which are owned by the municipality and which are located in the old Saracen parts of the city center.
But why are houses being sold for 1 or 2 euro?
One of the main reasons behind the project is to repopulate the village, which is characterized by an aging population; many young people have in fact left the town to move to bigger cities where there are more job opportunities. In 2019, the municipality of Sambuca started offering 15 properties for 1 euro; many people from different parts of the world moved to this small village and have since then contributed to its cultural and economic development. This has led the municipality to incentivize further projects such as the one which will be launched after the health emergency is over. As mentioned above, houses will be sold for 2 euro (just under $2.4) and purchasers will need to meet a number of requirements. Firstly, buyers will need to commit to renovating the properties within three years. Secondly, a security deposit of 5.000 euros will be required and the amount will be returned once the renovation works are complete.
If you want to learn more about these investment opportunities feel free to contact us at info@italianrealestatelawyers.com. We will be happy to help you!
