Homes are being sold in Italy again for one euro

Dec 01, 2020
This time, the village of Castropignano in the southern region of Molise offers to become the owner of an old building for a song.

What happened? The sale of real estate at a symbolic price was joined by the Italian village of Castropignano, which is located just over 200 km southeast of Rome, in the southern region of Molise. There are about 100 abandoned buildings here. But instead of selling them at the highest price at an auction, the mayor of Nicola Scapillati wants to find a home for interested parties that they really need, writes CNN.

Quote. “The scheme works a little differently here. I take two parallel paths, reaching out to both prospective buyers and old owners at the same time, step by step, so that demand matches supply. I don’t want my city to be invaded by real estate panic or become a mecca for speculation, ”says Nicola Scapillati.

“I invite everyone who would like to buy a house here to write me a letter directly (Nicola.scapillati [AT] with a detailed plan of how they are going to change the style and what they would like to do with the property,” adds Mayor Castropignano.

Conditions. Buyers must renovate the property within three years from the date of purchase and make a down payment of € 2,000, which will be returned to them upon completion of the work.

What kind of real estate? The abandoned houses of Castropignano are located in the historic center, above the medieval castle. Another group of houses is located in the village of Roccaspromonte at the top of the cliff. Most of the buildings for sale are in fair condition, Scapillati said, although they have loosened doors and peeling paint. He expects that the overhaul will cost € 30-40 thousand.

Why is this needed? Nicola Scapillati, whose family emigrated from Castropignano to the richer north of Italy, as an adult decided to return to his native village to preserve its traditions and architecture. Today, no more than 900 people live here, up from 2,500 in the 1930s. Moreover, 60% of the villagers are over 70 years old. The Mayor of Castropignano would like to restore the village to its former glory when it was a thriving feudal center filled with artisans, merchants and travelers.
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