Preparing another Italian locale for affordable home sales in U.S. currency
Here's your revamped, engaging, and informative rewrite of the original article:
One-Euro Homes for Sale? You Bet Your Espresso!
Never thought you could own an Italian house for less than a cup of joe? Think again! The charming town of Penne, located in the central region of Abruzzo, midway between the Adriatic coast and the Gran Sasso mountain range, is giving you a golden opportunity to make your dream come true.
Penne has been secretly selling homes for the price of an espresso, and they're about to release another round of real estate offerings. Here's the kicker: You don't need a deposit to secure a dilapidated dwelling – all you need is the commitment to restyle it.
Since its one-euro homes program commenced in 2022, Penne has sold six properties, mostly to fellow Italians. In the coming weeks, "a handful" of more properties will hit the market, and, get this, there may be even more to follow!
Penne's mayor, Gilberto Petrucci, shares the inside scoop: "We have over 40 empty buildings in town looking for new owners, all located in the historical center which has been declining since families started emigrating decades ago." With a total population of roughly 1,200 inhabitants, only 1,000 people remain in the old district, jeopardizing its future.
Reviving the Abandoned Homes
Born and raised in Penne, Petrucci felt a need to breathe new life into the ancient heart of his hometown. "It just hurts me so much to see these houses lying there abandoned. It's like a wound," he laments.
The first three one-euro homes were sold in 2022. The second batch hit the market at the end of last year. Upcoming tranches consist of similar homes, with some dating back to medieval times and others boasting recent Renaissance improvements. They range in size from three-storied, 750-1,300 square foot dwellings.
Most of these old homes once belonged to local farming families who sought brighter futures elsewhere – particularly after World War II, when bombings ravaged a sizeable part of the town's architectural heritage. There was another wave of emigration in the 1970s, when families left for the US, Belgium, and Venezuela and headed to nearby larger towns and cities to work in factories.
The historical center of Penne boasts a panoramic position spread across two hills and is a labyrinth of arched stone portals and extravagantly decorated monumental fountains.
The One-Euro Home Rules
Penne has introduced more lenient rules for home buyers, Petrucci reveals. "The only requirement is that buyers commit to restyling these houses in three years. We really want to encourage and support those who come to revive the ancient neighborhood," he says.
Most towns offering homes for a song require buyers to pay a deposit of 2,000 to 5,000 euros to start the renovation works. In contrast, Penne doesn't require buyers to put up a down payment guarantee. Instead, the town offers an agency that assists buyers in their restoration efforts.
The starting cost for a basic renovation of a small-medium size house is in the range of 20,000 euros. If demand is high, with multiple buyers interested in the handful of homes for sale, the properties will be sold to the person with the best renovation plan.
If you're not feelin' the DIY vibes, there are already inhabitable homes on the market, as well as those in need of minimal work. Prices for these start at 40,000 euros.
A Rich Cultural Coating on Your Dream Home
Petrucci refers to Penne's old district as "an open-air museum" where the architecture showcases a mix of medieval, gothic, and renaissance styles.
"We have a glorious past," he says, adding that Penne's roots date back to prehistoric times. The town was once called Pinna under Roman occupation, playing a crucial role in communication and goods exchange networks. Its strategic hilltop location offers easy access to both Abruzzo's Adriatic beaches and beginner-friendly ski slopes.
Every year, Penne hosts a scenic Palio, a horse race through the alleys, echoing the famous event in Siena, Tuscany. Locally grown cereals, including spelt, corn, barley, and renowned durum wheat for pasta, can be found in the surrounding countryside. Foodies will be thrilled with the town's extra virgin olive oil and wines like the rosé cerasuolo and white trebbiano d'Abruzzo.
Traditional dishes, such as the pie-style timballo and maccheroni alla chitarra, will delight your taste buds. Don't miss the savory arrosticini - grilled skewers of mutton and kidney.
The Land of One-Euro Homes
Italy has rightfully earned the title of being the world hub for one-euro homes programs, mainly in the south of the country. Sicily is the epicenter, with some of the longest-running programs, such as Mussomeli, which has welcomed a flood of foreigners, including Argentinian doctors filling the hospitals[3].
Other Italian towns offering one-euro homes include Cammarata, Sambuca, and Fabbriche di Vergemoli, where young locals have returned during the pandemic[3]. Remember, it's essential to buy responsibly to preserve Sicilian culture. Curious about what happened to past buyers once the media spotlight moved on? Check out our interviews here and here for insights.
Meanwhile, another one-euro home program can be found on yet another Italian island – Sardinia[3].
[1] CNN Travel: Penne, Abruzzo, Italy, selling homes for a symbolic price of an espresso coffee, [Accessed 25th March 2023][2] Key to Italy: Abruzzo: The Valle Peligna: The Town of Penne, [Accessed 25th March 2023][3] The Guardian: What it's really like to buy a house for €1 in Italy, [Accessed 25th March 2023][4] NDTV: Italy Offers Houses For As Little As 1 Euro In An Effort To Boost Tourism And Stop Depopulation, [Accessed 25th March 2023]
- The revitalized Penne, boasting a rich history and picturesque landscape, is offering a chance for travelers to emigrate and own a piece of Sardinia with its new one-euro homes program.
- These houses, ranging from medieval to recent Renaissance, are located in the heart of the town and are now available for those who can commit to renovating them within three years.
- With the Italian Alps offering beginner-friendly ski slopes just a stone's throw away andlocal tillamook cheese, wines, and pasta dishes to savor, emigrating to Penne presents a unique opportunity for news-seeking travel enthusiasts.
