Castropignano: An Italian Village Selling Homes For Almost $1

Web desk: Italian village of Castropignano is selling homes for €1 or $1.21. It’s a brilliant offer where one can own real estate almost for free.

Castropignano is a small, 14th-century village in Italy’s Molise region, known for its medieval castle and hillside views. Situated 140 miles south-east of Rome, Italy’s capital, the village roughly has 100 abandoned buildings that the mayor hopes to make better use of.

Italian village Castropignano is the latest community to offer up its abandoned buildings to newcomers.

Mayor Nicola Scapillati hopes to match potential buyers with a building suitable for them rather than auctioning these buildings. Interested buyers can e-mail the mayor directly instead of going through the authorities, with plans for what they hope to do with the property.

He’ll review the requests he receives and attempts to match potential buyers with a building that suits their needs.

Italian village Castropignano follows in the steps of Salemi in Sicily and Santo Stefano di Sessanio in Abruzzo, both of these places have launched schemes to attract new residents over the last month.

“I don’t want my town invaded by a property stampede or to turn into the latest housing speculation deal,” said Scapillati, according to CNN.

How can the property be purchased for €1 or $1.21 is the question which arises. There is a catch, CNN reports that selected buyers will be required to revamp the property within three years of purchasing.

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The town will collect a €2,000 or $2419 deposit that will be returned after the renovation is complete. The buyer will have to spend approximately €30,000-40,000 ($35,000-48,000) on renovation work only.

It is important to note down that most of these buildings are not in very good condition and require major restoration work.