Looking to move to Europe? This beautiful Italian town is selling homes for just 1 dollar

Penne, a town in Italy’s Abruzzo region, is selling abandoned homes for just one euro - a little over a dollar - in an effort to combat depopulation. Since the program started in 2022, six homes have been sold and more properties are set to be released soon.

“There are potentially over 40 empty buildings in town looking for new owners, and they’re all located in the historical center which has been declining since families started emigrating decades ago,” Penne’s mayor Gilberto Petrucci said.

Petrucci said that although the population of the town is around 1,200, there are only about 1,000 people living in the district putting it “at risk of becoming a ghost town”. The town has many dilapidated homes in the historical center, some dating back to medieval times. Having grown up in Penne, Petrucci said seeing the abandoned homes is “like a wound”, and has made it his mission to do something about it.

The town: Penne

Petrucci explained that many of the homes in Penne once belonged to local farming families who left in search of better opportunities, especially after WWII bombings destroyed much of the town.

The historical center is located on two hills and features a mix of medieval, Gothic, and Renaissance architecture. The town has deep historical roots and Roman artifacts are still displayed in the local museum.

The hilltop location offers proximity to the Adriatic beaches as well as ski slopes. The town hosts an annual Palio horse race, and the local food includes olive oil, wines, and traditional dishes such as timballo, maccheroni alla chitarra, and arrosticini.

Requirements for buying a one-euro home in Penne

For most one-euro home programs, the buyer is required to pay a deposit of between 2,000 and 5,000 euros ($3,000-$5,250), which would be returned at the completion of the renovation. To secure one of the one-euro homes in Penne, however, you don’t need to put a downpayment on it at all - you only need to commit to revamping it within three years.

“The only requirement is that buyers commit to restyling these houses in three years, but we ask for no downpayment guarantee to start the works. We really want to encourage and support those who come to revive the ancient neighborhood,” said Petrucci.

Penne offers additional support, including advice from architects and experts.

“We have a team of architects and experts who may advise and support in the renovation works, finding builders and surveyors, showing buyers through renderings what their home will look like once fixed and advising throughout the renovation stages,” said Petrucci.

Renovation costs start around 20,000 euros ($21,000), but there are also ready-to-move-in homes available starting at 40,000 euros ($42,000). If there are multiple buyers interested, the homes will be sold to the person with the best and fastest renovation plan.

This initiative aims to breathe new life into the town, preserving its rich architectural heritage. Other towns in Italy, especially in Sicily, also offer similar one-euro home programs.

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