The latest European town enticing new residents with dirt-cheap real estate is none other than Italyโs Sambuca di Sicilia (again).
Having enjoyed success with previous sell-offs โ injecting โฌ20 million into the local economy โ the Agrigento municipality is now preparing to auction its third batch of abandoned homes. This time the prices start from just โฌ3 ($4.90).
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โThe two batches of houses, owned by the town hall, revitalised the private real estate sector,โ Giuseppe Cacioppo, the newly-elected mayor of Sambuca di Sicilia, told CNN.
โPeople rushing to grab one at auction but didnโt make the final cut bought a cheap house instead. So far, 250 homes have been sold.โ
โWe just want to make it clear that by numbering these batches, more sales will likely follow in coming years.โ
Cacioppo added: โThe timing is perfect. Tourists and interested buyers currently travelling to Italy, and those planning a trip in spring and summer can come to take a look.โ
Sambuca di Siciliaโs mayor reassured the public that the pads up for grabs are as โstructurally stable as those so far sold,โ while noting they were still in dire need of some TLC.
As CNN explains, depending on the condition of the property, a โrestyleโ generally starts at โฌ30,000 ($48,500) for something simple, but can rise all the way to over โฌ200,000 (roughly ($325,000) for a more extensive makeover.
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Assuming you opt for a revamp on the more basic end of the spectrum, thatโs still far cheaper than what youโll find here on Australiaโs east coast.
Sambuca di Sicilia is located approximately 68 kilometres southwest of Palermo and roughly 89 kilometres northwest of Agrigento; it has previously been named one of I Borghi piรน belli dโItalia (โmost beautiful villages of Italyโ).
Find out more about this storied slice of paradise below.
