A Brazilian went viral by revealing that he bought three abandoned houses in Italy for just 3 euros each (totaling around R$16). Although the sale of properties for one euro in the country has existed since 2014, offers have increased over time and reached more famous regions, such as Sicily.
In 2019, Rubia Daniels, currently residing in California, USA, discovered online that the city of Mussomeli was launching a local reuse project. With a population of ten thousand inhabitants, the region began to offer abandoned houses in need of renovation at below market prices. This opportunity sparked Rubia’s interest in purchasing a property in the region.
In an interview with the American portal “Insider”, the Brazilian revealed that she was enchanted by the Italian city, because it reminded us of the surroundings of Brasília, where he was born. Although the renovations were interrupted due to the pandemic, Rubia already has defined plans for each of the houses. The first will be used as a place for vacations and rest, the second will be transformed into an art gallery, and the third will be used as a wellness center.
Not everything is flowers
However, buying abandoned homes is not as simple as it seems. The acquired properties are located in degraded regions and are often dominated by the Sicilian mafia. The new owners are responsible for the renovation costs, usually with the help of appointed builders – a reality related to the influence of the mafia in the region.
Despite having acquired the properties for a symbolic value, the new owners must bear the renovation costs, estimated at around 20 thousand euros (approximately R$ 110 thousand), in the case of Rubia.
On the real estate portal Idealistic, it is possible to find habitable houses in the same Mussomeli from 20 thousand euros, a value similar to or even lower than the investment needed to renovate houses purchased for 1 euro.
Even so, Rubia expects each of the houses to be worth at least R$165 in the future, but has no plans to sell them. Her intention is to leave the houses to her four children. She explained that, in addition to the symbolic value of one euro for the purchase, buyers also need to pay for services, such as real estate agents and the deed to the house. For Rubia, the investment is worth it, and she is actively helping others who share the same dream of purchasing property in Italy.
How does buying abandoned houses work?
The homes for one euro initiative gained support across Italy in 2017 as part of efforts to restore abandoned properties and attract investment. One of the reasons for this initiative was the exodus of young people from the countryside to cities in recent years, leaving empty houses in rural areas. Furthermore, owners with more than one residence also tend to adhere to this practice to avoid tax costs.
Houses are advertised for one euro, although there are usually some conditions attached, which may vary depending on the location. These conditions may include planning and completing renovations within a set time frame, as well as a commitment to live in the property for a minimum period of time.
In Mussomeli, buyers must restore the property's facade to how it originally was, while the interior of the house can be modified to suit the new owner's preferences. However, if the structure of the house is not renewed within three years, there is a fine of 5 euros (around R$26,4).
