“1 Euro” properties: update on past and upcoming initiatives
Given the high interest that “1 euro” properties have been recently attracted, we have prepared this short draft to update our readers about the past and current “1 Euro” properties’ initiatives across the entire Italian territory. These initiatives started few years ago already, with Ollolai being one of the first municipalities offering these investment opportunities. As of June 2018, the list of Italian municipalities offering “1 euro” properties included the following municipalities, here listed by region:
Fabbriche di Vergemoli (Province of Lucca);
Montieri, (Province of Grosseto).
Salemi (Province of Trapani);
Sambuca (Province of Agrigento);
Gangi (Province of Palermo);
Regalbuto (Province of Enna);
Nulvi (Province of Sassari);
Ollolai (Province of Nuoro).
Carrega Ligure (Province of Alessandria).
Lecce nei Marsi (Province of Aquila).
Patrica (Province of Frosinone).
In September 2018 we have contacted most of the municipalities listed above, to create a complete database that listed the number of properties available in each site, their structural conditions, estimated refurbishment costs, and legal requirements to get full ownership of these properties. Most municipalities we contacted told us that the first batch of properties were already gone, with Ollolai in particular having received 5,000 requests for the first 100 properties, being currently “overbooked”. Overall, it looks like that these initiatives are currently on hold, with the municipalities trying to identify a new batch of properties to offer.
The case of Sambuca (Sicily)
In 2018 the Municipality of Sambuca (Sicily) did publish a call for tender to sell various properties in its historical district. The deadline to submit requests to participate to the call expired in May 2018. However, since most of the properties remained unsold, the Municipality recently decided to extend the deadline for submissions, read here. However, in order to submit new requests, it is necessary to wait for the Municipality to publish a new call for submissions (i.e., “Bando di Gara”, in italian).
We recently contacted the office in charge of issuing the new call and they told us they expect to do so in 30/40 days, the latest. At that point, we would be able to know the rules governing the call in more detail. According to the one expired in May, properties were assigned based on an auction with a starting price of €1, with participating bidders submitting their offers and the highest bidder winning the property. At the moment, there is uncertainty on whether the new call will be regulated based on the same rules, this is why we have to wait for it to be issued. Here the link to the properties that are still available for bids.
Our law firm will update this page as soon as we receive any new info. Feel free to contact us by email at firstname.lastname@example.org if you have any further question or you would like to receive a quotation of costs and fees for our advice and assistance in the bidding process.
Further information, see article by CNN.