Would you rather buy a cup of coffee or a holiday home in Italy?
In the charming village of Sambuca di Sicilia, houses are hitting the market with a starting price of just three euros, roughly $3.22.
Following the success of previous property sales in 2019 and 2021, more homes in Sambuca di Sicilia are now available at this unbelievable price.
“Foreigners are flocking to buy our houses; it has been a real hit,” Mayor Giuseppe Cacioppo told CNN.
A Booming Real Estate Market
On a pleasant Monday evening with temperatures at 25 degrees, Sambuca di Sicilia, a village with around 5,800 residents, is drawing tourists and potential buyers alike.
“Tourists and interested buyers traveling to Italy now, and those planning a trip in the spring and summer, can come and take a look,” said Mayor Cacioppo.
The houses, while structurally sound, are in need of a makeover. About twelve homes, ranging in size from 50 to 80 square meters and spread across one to three floors, are up for sale. Many feature balconies and original green-painted doors.
Sambuca di Sicilia garnered significant attention when CNN announced the sale of 16 homes for one euro each in 2019. Two years later, houses were sold for two euros ($2.14).
These sales have attracted buyers from around the globe, contributing to a local economic boom.
According to Mayor Cacioppo, the initiative has injected 20 million euros (nearly $21.4 million) into the local economy. This includes revenue from new shops, contracts with architects and developers, and new accommodation options.
How It Works
Unlike other villages like Patrica, which have struggled to sell empty homes due to difficulties in tracking down previous owners, Sambuca di Sicilia benefits from local government ownership of the properties. This is a key reason for the success of the initiative.
The houses are sold to the highest bidder. The winning bid is placed in a sealed envelope and opened in front of a judge after the application deadline.
In previous sales, houses have sold for anywhere between one and 25,000 euros ($26.700), with most going for between 5,000 ($5.300) and 10,000 euros ($10.600), according to CNN.
Bidders must pay a deposit guarantee of 5,000 euros. If you lose the bid, your deposit is refunded.
This unique opportunity not only offers an affordable slice of Italian life but also helps revive and rejuvenate the picturesque village of Sambuca di Sicilia.
