All across Italy local municipalities are on a mission to save their ailing hometowns from extinction by selling off dilapidated homes priced for as little as €1.
But there’s a catch.
Whoever buys these long abandoned and broken down properties must commit to their full restoration.
To curb the slow diaspora of locals from their villages and hometowns where there are no jobs, one town has been quietly selling homes for the price of a latte and is about to release another tranche of real estate.
Penne, situated in Italy's central region of Abruzzo, halfway between the Adriatic coast and the Gran Sasso mountain range, is selling off abandoned homes for the price of a latte in an attempt to bring people back to the rapidly dwindling community.
Having sold six such homes since the program began in 2022, the next batch of properties will soon be available for enterprising buyers in the next few weeks, according to local mayor Gilberto Petrucci.
Once these properties are sold, he says more will follow.
"There are potentially over 40 empty buildings in town looking for new owners, and they're all located in the historical centre which has been declining since families started emigrating decades ago," Petrucci told CNN Travel.
"Although our total population is roughly 1200 inhabitants, there are only 1000 people left living in our gorgeous old district, which risks becoming a ghost town."
Most of the houses up for grabs are old, with some dating back to medieval times with further improvements made during the Renaissance.
However, two recent examples include a three-story house built in the early 1900s ranging from around 750-1300 square feet.
According to Petrucci most of the abandoned homes once belonged to local farming families who fled in search of a better life after World War II.
Then there was a further wave of emigration in the 1970s when families left for the U.S, Australia, Belgium and Venezuela, and to nearby larger towns and cities to work in factories.
While future buyers must commit to restyling these houses within three years, Petrucci said no down payment guarantee is required that restoration work will proceed.
It’s critical, adds Petrucci to encourage and support those who revive abandoned ancient neighbourhoods like this one that exist across Italy.
Most one-euro home programs require buyers to pay a deposit of between 2,000 and 5,000 euros (A$3,400-$8,900), which is returned if and when the works are completed.
