If you ever dreamed of living in Italy, well now is your chance to nab yourself a real estate bargain. The Italian town of Penne in the  central region of Abruzzo, is selling dilapidated homes for just €1. The catch? Buyers need to commit to bringing the abandoned homes back to life by restyling or renovating them within three years. 

“There are only 1,000 people left living in our gorgeous old district,” Penne’s mayor Gilberto Petrucci told CNN Travel. “It just hurts me so much to see these houses just lying there abandoned. It’s like a wound.”

In 2022, the first three €1 homes were sold. And a second batch of three were snatched up in 2024. A third round of real estate is set to hit the market in the next couple of weeks according to Petrucci. 

“There are potentially over 40 empty buildings in town looking for new owners, and they’re all located in the historical centre which has been declining since families started emigrating decades ago,” Petrucci explained. 

Of course, renovating these old buildings is no easy feat and does not come cheap. Petrucci says that the mayor office has a team of architects that are ready to assist buyers with their renovations. The price of restoring one of these beautiful homes starts from €20,000 and depending on the extent of the work you want to do. But in comparison to buying an established home it’s still a considerable saving. And can you really put a price on that la dolce vita life? We think not. 

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