With the cost of an average UK home now topping £300,000, it's still possible to purchase a property for less than a pound. This unbelievable offer is available in small towns and villages across Italy, where local authorities want to attract foreign investment and breathe new life into neglected regions with homes on sale for just a single euro.
The 1 Euro Houses Project points buyers in the right direction to snap up a bargain and help revive areas that have suffered from an exodus of younger people over the decades. The scheme has been operating for around seven years, when entire Spanish villages started going on the market for less than the cost of a one-bedroom apartment in London.
Buyers have to make a significant investment in refurbishing the properties. Add on estate agent fees of about 400 euros, taxes and utility costs, and the price to make a home habitable nears 30,000 euros.
The scheme struggled initially, but it’s gaining popularity and is an attractive option for those who are looking for low-cost real estate investments in Italy. In June, 2022, BBC announced “The Italian Job,” which will chronicle celebrities Alan Carr and Amanda Holden buying and restoring a house in Sicily.
The show will follow the duo as they join the ranks of the ‘One Euro’ home buyers, purchasing their own slice of heaven at a bargain price in a little town nestled in the sun-kissed hills of rural Sicily. Armed with a shared passion for travel and interior design they will spend the summer immersing themselves in the Sicilian way of life, as they transform their depilated house into a luxury holiday home.
Alan and Amanda have renovated their own properties in the past, but neither of them has tackled a project of this scale before. Whilst they’ll try their hand at everything - from plumbing to painting and plastering - they’ll be drafting in local tradespeople to show them the ropes and help keep the project on track.
Alan Carr said: “Working in beautiful Sicily with one of my dearest friends is like I’ve won the jackpot. Expect a summer of drilling, demolition and hopefully la dolce vita!”
Amanda Holden added: “Alan and I came up with the idea for this show together and approached the BBC as we knew it was the perfect home. We are both very passionate about interior design and we'll be very hands on, injecting some much needed life into an area of Sicily."
When the project is complete at the end of summer, the property will go on sale and all of the profits will be donated to charity. The series is scheduled for broadcast in 2023.
Check out the availability and location of one euro houses here.
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