Penne, Italy revives $1.72 home program for Australians

In Italy, the town of Penne is offering homes for just one euro, which is about $1.72. This initiative is attracting Australians looking for affordable property options amid rising real estate prices in Australia. The Italian government allows foreign buyers, including Australians, to participate in the One Euro House Program without restrictions. However, buyers in some regions must renovate the homes within a few years, typically three years. Penne, located in the Abruzzo region, has already sold several one euro homes and plans to release more soon. The mayor, Gilberto Petrucci, hopes these sales will help revitalize the town's declining historical center, where many homes are abandoned. He mentioned that Penne could turn into a "ghost town" if new residents do not come in to restore and invest in these homes. The town's last census in 2014 recorded a population of about 12,451. In this new offer, buyers will not have to pay a deposit, which was usually required in previous sales. Instead, they must promise to complete renovations within three years. A team of architects will assist buyers throughout the renovation process. Basic renovations are estimated to cost around 20,000 euros, or about $34,400. Penne is also offering ready-to-live homes starting at 40,000 euros, which is around $68,800. The mayor stated that more properties will be available in the coming weeks.