If you’re concerned that Italy’s charm of one-euro homes is fading, fret not; the quaint town of Penne continues to offer residential properties for the price of a coffee. Set in the heart of Abruzzo, nestled between the Adriatic coast and the Gran Sasso mountain range, Penne is actively reintroducing abandoned homes to combat depopulation. Notably, there’s no deposit required to start acquiring these derelict properties; all that’s needed is a promise to renovate them.
Penne’s initiative began in 2022, having successfully sold six homes primarily to Italians. The local government plans to release a new batch of properties in the coming weeks, with about 40 more vacant buildings awaiting restoration. The town’s mayor, Gilberto Petrucci, highlights that Penne’s population has dwindled to approximately 1,200 residents, leaving only about 1,000 in the historic district, which risks becoming deserted.
The newly available one-euro homes date back to various eras, with some originating from the medieval period and others from the early 1900s. Many of these houses were formerly owned by farming families who emigrated in search of better opportunities, particularly after World War II.
Unlike many other similar schemes across Italy, which often require substantial deposit guarantees, Penne’s approach is more encouraging. Buyers must only commit to restoring the homes within three years, with no upfront financial assurances needed. Additionally, an agency is available to assist buyers throughout the renovation process, providing expert advice and connecting them with builders and surveyors.
Restoration costs start from approximately €20,000 (around AUD $34,200), and in the event of multiple interested parties, the property will be awarded to the buyer with the most effective renovation plan. For those less inclined to embark on extensive renovations, ready-to-move-in homes begin at around €40,000 (AUD $68,000).
Penne itself is steeped in history, featuring medieval, Gothic, and Renaissance architecture. The town is well-placed near both beautiful beaches and ski slopes, offering an alluring lifestyle. Annually, Penne celebrates its heritage with the Palio, a traditional horse race through its picturesque streets, while local agriculture thrives, especially in producing grains and renowned wines.
For those interested in the broader landscape of one-euro homes in Italy, towns across Sicily, such as Mussomeli and Sambuca, have longstanding initiatives. These towns attract a myriad of foreign buyers eager for a slice of Italian culture, while Sardinia has also introduced its own version of the one-euro home program. Overall, Italy continues to open its doors to those seeking an affordable new life steeped in rich tradition and community.