Italian village selling house for US$1

Castropignano is selling houses from 1 euro
(Photo: CNN)

If you’ve been thinking about migrating lately, how about going to Italy? Now is a good time as ever because another town is selling houses for US$1.

Castropignano-a village topped by a ruined medieval castle, 140 miles southeast of Rome is the latest community to offer up its abandoned buildings to newcomers.

There are roughly 100 abandoned buildings here. But these houses won’t be sold to the highest bidder. Mayor Nicola Scapillati instead wants to do matchmaking with interested parties.

Castropignano is selling houses for 1 euro
(Photo: CNN)

“The scheme here works a bit differently,” he says.”I’m moving along two parallel paths, reaching out both to potential buyers and old owners at the same time, step by step, to make demand meet supply.”I don’t want my town invaded by a property stampede or to turn into the latest housing speculation deal.”

Scapillati says that most of the buildings for sale are in decent shape, although they have unhinged doors, peeling paint, and are partly covered in vegetation.

But of course, there’s a catch. Buyers must renovate the property within three years from the purchase and cough up a down payment guarantee of €2,000 ($2,378), which will be returned once the works are finished.