Italy’s cheap homes hot spot puts more up for sale

Dwindling Italian towns have been pulling out all the stops to lure new residents in recent years, with several one-euro home schemes launching across the country.

But while some towns have struggled to find buyers for their abandoned buildings, others have been basking in the glory of successful sales.

After seeing huge demand for its previous home sell offs in 2019 and 2021, Sicily’s Sambuca di Sicilia is preparing to put a third batch under the hammer, this time with starting prices of 3 euros, or just over $3.

Previous success

“We just want to make it clear that by numbering these batches, more sales will likely follow in coming years,” newly elected mayor Giuseppe Cacioppo tells CNN. “Foreigners are flocking to buy our homes, it’s been a hit so far.”

Cacioppo encourages potential buyers who are heading to the region to pay the town a visit and check out the 12 or so homes up for grabs this time.

“The timing is perfect,” he says. “Tourists and interested buyers currently traveling to Italy, and those planning a trip in spring and summer can come take a look.”

According to Cacioppo, the available homes, located in the old Saracen district, are as “structurally stable as those so far sold” but in need of a restyle.

Sambuca made global headlines back in 2019 when CNN announced that it was putting 16 dwellings up for sale for one euro. Two years later, the town offered up a second batch of homes for two euros.

The fire-sale, which lured international buyers as far as the Middle East, has helped to revamp the local economy with an influx of 20 million euros (around $21.8 million,) says Cacioppo.

This includes turnover from new B&Bs, new shops that have opened in the town and contracts with builders, architects, surveyors, interior designers and notaries.

“The two batches of houses, owned by the town hall, revitalized the private real estate sector. People rushing to grab one at auction but didn’t make the final cut bought a cheap house instead. So far, 250 homes have been sold,” says Cacioppo.

Sambuca’s triumphant efforts to sell off its empty homes are largely credited to the fact that the local authorities actually own the abandoned dwellings they hope to offload.

Other depopulated Italian towns, such as medieval village Patrica, located south of Rome, have attempted to launch similar schemes, but struggled to track down the former owners to gain permission to sell their empty homes.

Revival hopes

Sambuca’s authorities took possession of the town’s abandoned houses after an earthquake struck the surrounding Belice Valley in 1969. The natural disaster sent locals fleeing, leaving behind empty homes.

“Rome’s government back then approved a specific law for Sambuca’s revival that granted the town hall ownership of the abandoned homes, so we can dispose of these as we wish, and there are no middle agencies,” says Cacioppo.

This means that the sale process is much faster, as the local authorities don’t need to liaise between owners and buyers.

The homes on offer this time consist of single, two to three-bedroom 50 to 80 square-meter houses built with golden-brownish stones and spread over one or three floors.

Many have iron-wrought balconies overlooking cobbled alleys and panoramic terraces, as well as original green-painted old wooden doors with decorated arches and windows.

Those in the best condition feature tiny internal Moorish courtyards with lemon trees and old painted majolica tile floors.

But most are badly in need of repair and filled with forgotten items and piles of broken, dusty furniture.

Depending on the condition of the property, restyles usually start at €30,000 (around $32,500) for a simple makeover, but can rise to over €200,000 (roughly ($217,000) if buyers plan to turn the house into a luxury retreat.

One American couple who purchased a bargain home in the town went on to add an internal elevator.

Many of those buyers who won the previous bids eventually ended up buying more properties in town.

These were often attached homes, which meant that they could be expanded into one big property.

High demand

Keen to cash-in on the high demand, locals have rushed to sell off garages or old abandoned attics.

Most of the people who’ve been lured to this remote spot in Sicily, situated far from the touristy crowds, are from the US.

This has helped to create a “Little America,” with most residents now speaking some English with a Sicilian accent, even the elders.

Foreigners may have been a rare sight here before 2019, but they’ve become part of the landscape now, jokes Cacioppo, with a significant expat community now calling Sambuca home.

Last year, the town hall opened remote-working spaces to lure global digital workers, offering free stays and strengthening its Wi-Fi connection throughout the narrow alleys.

“Our town is now definitely on the map,” says Cacioppo.

The Sambuca homes going up for auction in this latest scheme will be sold to the highest bidder, with the winning bid placed in a sealed envelope and opened in front of a judge after the application deadline.

Those taking part in the auction are required to pay a deposit guarantee of 5,000 euros (around $5,430).

If they lose the bid, the sum will immediately be returned to them. But if they win, the 5,000 euros will automatically become their deposit guarantee.

The rules of the scheme stipulate that buyers must have completed the renovation work on their homes within three years, or risk losing their deposit guarantee.

However, the town hall has so far been flexible on deadlines due to the pandemic, allowing more time to complete the works during and after the Covid-19 pandemic.

In the previous sales, houses were eventually sold at prices between 1 and 25,000 euros (roughly $27,133,) with most going for between 5,000 euros (around $5,426) to 10,000 euros.

Interested applicants can find photos and descriptions of the available homes, along with application forms, on the town hall’s official website.

For more CNN news and newsletters create an account at CNN.com