How to buy houses in Sicily for 1 Euro
Few Municipalities in Italy have decided to attract investors by selling properties for 1?. Is this true? Is this the actual investment requested?
Before explaining you how to buy houses in Sicily for 1?, we wish to tell you the reason why these Municipalities have decided to offer such a deal. This will help you to understand the reason behind this generous offer, and will let you understand that this is not a joke!
First of all, you need to know that there are certain areas, small towns, which are almost unknown, some others have a very little number of inhabitants or thery are habitants are decreasing year after year. In terms of increasing the populatio in these areas, some Municipaities have decided to sell out unused properties, such as properties which have no owner or abandoned properties.
Secondly, by selling those houses to new investors who are willing to renovate them, this will make the town to look better, new, in little words, these towns will be reborn.
These initiatives have been successful so far, reason why more Municipalities, from North to South of the Country, have continued to offer 1 euros properties for sale.
What are the common rules to purchase a property for 1 euro?
Each Municipality chooses its own process, but some rules are very similar.
- First of all, you will be required to do some renovation works. This will involve a small investment in terms of making the property habitable and ready to be lived in.
- You have to be ready to live in the property which you have purchased, therefore if you are a foreigner you might be required to move your residency in the city where you have purchased your home.
- When you make your offer to the Municipality, you usually have to pay a deposit in advance. In Sambuca (province of Agrigento, in Sicily), for example, the deposit requested during the last invitation to tender, was ? 5,000.00. The Municipality returns the deposit if you are not the assignee of the property per which you have made your offer.
- Renovation works need to be finalized within a certain time required by the Municipality (ie. one to two years).
When do you have to make your offer to buy a house for 1 euro in Italy?
The Municipality involved in the 1 euro property sales publishes an announcement where it indicates the dates starting from and within which to make the offer. Here are also indicated all other details and indications on how to make the offer.
It is better to know in advance when the Municipality will publish the announcement. This is because it might take time to prepare the entire documentation to attach in the offer. For example, if you have to attach a project for renovation works, this has to be conform to the local law.
Also, you have to have a clear understanding of the offer you need to make, as you will compete against other potential buyers.
There are no guarantees that you will be the assignee if you make your offer within the terms, however your possibility to have the adjudication of the property might increase if you are well assisted by an expert.
Where and how do I have to apply?
If you are a foreigner you probably need assistance during the entire process. In this case you can contact a lawyer who can assist you step by step during the entire process.
Our team at Luxury Law is composed by Architects, Geometers, expert Real Estate Lawyers, Notaries, and has built strong relationships with building companies. However if you have your own professionals, you will not feel obliged to use ours. We just give you the guarantees that you will be fully assisted from beginning to end of your purchase.
What professional do I need to involve for making my application to purchase a house for 1??
You will probably need the following professionals:
- Architects who draw up project documentation for renovation works.
- Gemeters who can, among others, give you a real preconstruction estimate.
- Lawyers who will take care of the entire legal process and documentation, contract draft, documents translation.
- Notaries who will register the property under the assegnee's name.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.