Illustration for article titled Buying a House in an Italian City for Less than $ 2Photo: Giuliano Guida (Shutterstock)

After a year of canceled travel plans, you are likely ready to take to the streets or hop on a plane and fly to a location that is not close to you. And if you’ve been thinking of something more permanent, you might be interested in a current offer from the town of Laurenzana in the Italian region of Basilicata.

As in other villages full of abandoned but absolutely beautiful historic houses, Laurenzana has some on the market for 1 euro. But unlike similar actions, This does not require a deposit. Here’s what you need to know about the offer that seems too good to be true.

Illustration for article titled Buying a House in an Italian City for Less than $ 2

How to get a rundown home in Italy for $ 1.20

The way it normally works with these basically vacant homes in Italy (and elsewhere in Europe) is that buyers have to pay a deposit guarantee on top of € 1 (or whatever the original cost). Deposits typically range from $ 2,000 to $ 5,000 (approximately $ 2,380 to $ 5,950) and require new owners to complete certain renovations within a set time frame. Once they have done the job and restored the house, their deposit will be returned to them.

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Laurenzana Mayor Michele Ungaro explained the strategy to CNN::

We want to help newcomers buy the home of their dreams without making it difficult for them to follow lengthy procedures and strict requirements. Regulations can be difficult to navigate at times, especially if you are a foreigner. We want this adventure to be a pleasure, not a burden. For this reason, we do not require a deposit to ensure that the work is carried out quickly. It sounds like some kind of threat. We rely on the good faith and commitment of buyers, however we will constantly monitor the work in progress and the status of the renovation.

Illustration for article titled Buying a House in an Italian City for Less than $ 2

The process may be easier, however there are some requirements for the Laurenzana homes. In addition to the € 1, those who wish to buy one of these houses must submit a proposal and a detailed renovation plan for the property. If their proposal is accepted, the new homeowners must start repairing their place within three months of purchase and be finished with the final rehab project within three years.

If you want to buy a house in Laurenzana, send an email to for more information.