Ever wanted to get yourself a nice vacation home in another country? How about off the coast of Italy? Well, now it might be more affordable than you ever could have imagined.
The small, historic town of Ollolai, Italy, which is located near the center of the island of Sardinia, is making home-buyers an offer they can’t refuse: the option to buy “crumbling dwellings” for 1 euro (which comes to about $1.25). The catch? According to USA Today, “You have to spend about $25,000 to renovate the home you buy and do the work within three years. You can sell it after five years.” But why move after making such an incredible investment, right?
The reason behind the strategic move on the part of the town is that the population of Ollolai has been in decline over the years. The result is hundreds of abandoned homes. The government asked homeowners to sign over the properties that are in disrepair in an effort to stimulate the population.
Sitting on the slopes of Monte San Basilio Magno, Ollolai has an unbearable amount of charm. An ancient martial art, S’Istrumpa, is still practiced there, and traditional crafts are still created (like woven baskets).
It turns out that the plan may have worked: there has been an incredible increase in demand and the town has had to set a deadline of February 7 for applications.