For the past few years, headlines have popped up about houses in European cities for sale for €1, and if you’ve seen one, you may have thought it was a scam or clickbait. It might sound too good to be true, but it’s not! However, it’s also not as simple as it sounds. <br> <br>
Because of ageing populations and young people seeking opportunities in bigger cities, many beautiful small towns in southern Europe are at risk of becoming entirely depopulated. To combat this, Italian municipalities started selling houses for as little as €1, and other countries like France, Switzerland and Spain have followed suit after seeing the success of the scheme. Some cities are even paying buyers up to €50,000 to move there!
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The schemes normally come with some requirements, so while you can buy the house for very little, the total cost is likely to be higher. Some cities have implemented residency requirements meaning you’d have to live there for the better part of the year, which would be a struggle for post-Brexit brits. Others have minimum investment requirements, requiring you to spend up to €50,000 on renovating the property within a certain amount of years.
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If this hasn’t put you off, there are several schemes live for you to find your dream Italian property, like Case 1 Euro, Property in Sicily or 1 Euro Houses.
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And if you prefer buying property the traditional way, we’ve found some great options for you:
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Torre Dei Passeri, Italy
In the market for an ancient 8-bedroom palazzo, with original features, but fully restored?
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How about one for €225,000? No, that is not a typo, this palazzo in the Abruzzo region really is on the market for less than a quarter of a million. Torre Dei Passeri is a bustling town 40 minutes away from the Adriatic Sea and with good connections to nearby Pescara and frequent trains to Rome. This area is mostly known for its great food, closeness to nature and slower pace of life, so if you’re looking for an Italian escape, this might be the perfect palazzo for you.
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Genoa, Italy
Genoa, with its northern Italian maritime history, attracts millions of tourists each year. Close to the French border, it’s ideal both for enjoying Italy and for visiting Monaco and the French riviera. So if you’re in the market for a historical building with a large, private terrace, this might be the property of your dreams.
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This tastefully restored 5-bedroom 16th century villa is on the market for €2.2 million and is equipped with its own staff quarters.
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Andalusia, Spain
If your top priority is sunshine, you can’t do better than Mojácar in Andalusia where they get 320 days of sunshine per year. And with 14 kilometres of sandy beach, you’ll be in a prime spot to enjoy every single one of those days. Mojácar is a protected area that locals and tourists alike love for its authenticity. <br> <br> This rustic 2-bedroom house is on the market for just over £86,000. Your balcony overlooks the local golf course which is maintained by locals and offers a delightful golf challenge. And now is a perfect time to buy, with construction well underway on a high-speed trainline that will allow much quicker access to Madrid. <br> <br> Ready to buy in the south of Europe? Don’t forget to check out our series on buying property abroad, where international payments expert Errol Izzet gives his view on the benefits of owning property abroad, as well as top tips for buying property abroad. <br> <br> And when you’ve found your dream home, Caxton is here for all your international payment needs. <br> <br>
