Category: property investment

Buy a Home in Italy for Just One Dollar

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Ollolai, Italy is a gorgeous little town in the Puglia region and one hour away from Sardinia beaches.
Ollolai is a small town nestled in the mountains of Sardinia, is selling historic homes for just one Euro and they already have 200 applicants from all over the world.

Sardinia isn’t just a gorgeous little island off of the Italian coast, It is also where people live statistically longest and it was one of five Blue Zones mentioned in bestselling author Dan Buttner. This where you find best cheese and wine for longevity.

Ollolai is in the center of the Sardinia and an hour away from the cliffs of Cala Gonone, in the mountain region of Barbagia, famous for hikes, it’s a historic town filled with romantic beautiful alleyways and tiny restaurants with the greatest food on earth.

Young people left this town to the cities in search of better financial opportunity and left the houses abandoned.The city’s intent is to revive its dying historic district by selling these houses for 1 euro and bring investors to the town with the provision buyer has 3 years to finish renovating them. According to CNN, the village has already sold three houses, and more than 200 application

The mayor, Efisio Arbau, has proposed a solution similar to the one in Gangi Sicily in 2014, Around 20 houses were on sale for one euro ($1.30), with another 300 or so for up to 15,000 euros in an initiative the village hopes will reverse decades of population decline and boost the local economy even as Italy falls back into recession.
Australian film director Dominic Allen is one of a crowd of buyers from the United States, Britain, Dubai and Sweden who have rushed to Gangi to take advantage of these bargains and transform living spaces and animal stalls into summer homes. See article written in 2014 by yahoo business about Gangi Sicily
Mayor Efisio Arbau has proposed to sell the homes for as little as a 1 euro, with the provision that the buyer has three years to refurbish the dwelling, a project that would likely only cost about $25,000.
This solution will create jobs and make young citizens stay with their loved elderly ones.
It sounds too good to be true and it is if you don’t have enough money to renovate these old properties and in some cases, they need to demolish them.

By: A.Dababneh