Abandoned €1 homes for renovation in Italy are attracting the attention of Chinese, Hongkong investors

If you fancy turning a derelict house in the Italian countryside into your dream home, and happen to have one euro to spare, then you may be in luck.

Abandoned homes in need of a makeover are being sold for just € 1 (US$1.10) under a scheme run at local government level seeking to revitalise depopulated towns and villages in rural areas of the country. The buyer must agree to restore the house within a set time, bearing all associated costs.

The initiative is starting to catch the eye of Chinese buyers, many of whom see the potential to turn a profit by converting them into inns or Airbnb properties.

“I have been receiving a lot of inquiries about these homes. In the months of June and July alone, I received 10 inquiries” said Min Zhou, who works in China with Maurizio Berti, a consultant for Italian municipal governments selling these houses.

The Italian Consulate in Hong Kong, meanwhile, said Hongkongers have been showing an interest too.

“The initiative has drawn a great deal of attention in the last couple of years as the number of foreigners from all over the world interested in relocating to central and southern Italy’s old towns has steadily increased,” said Violetta Polese, communication officer at the consulate.