Obstacles: long-lost owners and building crews
After the success of Sicilian towns like Mussomeli and Salemi, dozens of other downtrodden Italian municipalities have sought to do the same.
But some areas like Patrica face obstacles. The village’s 40-odd abandoned structures were left back in the early 1900s. Despite sitting empty, they’re still technically owned by the heirs of the owners who abandoned them.
Long-lost heirs, specifically.
For years, Patrica’s local government has been trying to track them down to ask for their titles to be handed over. Interestingly enough, Patrica has seen booming interest from local Italians, many of whom are keen to preserve their town’s identity and culture.
Still, there’s a long road ahead if officials can’t find Patrica’s long lost heirs.
Back in Sicily, meanwhile, one UK buyer ran into an entirely different problem. When he purchased his home Musomelli, he immediately set out to find a building company that could get started on the renovations.
But he was far from the first to do so, and most of Sicily’s building companies have been booked out partly thanks to a multi-year €1 house sale boom.
By the time the building crew came, the UK buyer’s dilapidated villa needed double the work—at double the price. He sold his €1 home back to an estate agency, then opted to buy a more manageable fixer-upper for a larger sum.
The long-term
Over 15 years into the €1 home zeitgeist, all signs seem positive about this initiative. It spread from Sicily to other areas in Italy with great success. It’s helped breathe life into the Italian economy wherever these houses are sold.
But I can’t help but wonder about the cultural impact.
Will these movements help foster de-urbanization or will they be put up as luxury lodgings? Is it actually good for a town’s economy if retired folks move in and renovate these homes? And what do Italians think about foreigners moving in next door?
For now, it’s too soon to tell. Let’s check back in another 15 years.
Source link : https://www.travelawaits.com/2991956/one-euro-estate-sales-italy/
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Publish date : 2024-06-07 09:42:23
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