This sounds like a real bargain:
It’s yours for the price of a cup of coffee – a historic house in a terracotta-tiled hill town in Italy.
In fact for the price of a full English breakfast, you could snap up half a dozen of them.
A village in Sicily which has endured decades of population decline and neglect has come up with a novel, and seemingly too-good-to-refuse offer: it is selling off empty homes for just one euro each. That’s 80p at today’s exchange rate.
But it’s not, not really. Because you’ve got to do them up, costing perhaps €35,000. And once done up, well, will they be worth €35,000? Given that no one locally is doing them up then perhaps not. And it’s not unusual to find this in areas undergoing depopulation. A house being worth less than not just the build cost, but even the renovation cost. I’m seeing it here in Northern Bohemia too. In the centre of town then yes, housing has a positive value. But there’s hundreds (quite literally, hundreds) of places on the edge of town that you can have from the council for €1 each but it’s not worth having them. The renovation costs would be more than the value of the finished building.
That’s just what happens when the local population is shrinking.