The program for buying a house for 1 EUR is popular mostly in Italy and Spain. Its goal is to populate depopulated towns with young people. The advantages for its participants are a number of – from owning a home for 1 EUR, living in the fresh air, eating a nice inn, to being surrounded by amazing nature.
Purchasing such homes are attractive mainly to foreigners, people who can work remotely or who are already tired of the dynamics of the big city and want a different life.
But as written in the German constitution “Property obliges“. In this case, this applies in full force. The first thing that those wishing to take advantage of the "House for 1 EUR" program should know. is that each individual municipality that offers it has different requirements for the prospective buyer. It is meant not only for the person wishing to be of a certain age or to open a business in the town or to have a certain profession, such as a doctor.
Different municipalities have different requirements related entirely to the property, which inevitably makes it more expensive and the price goes far above 1 EUR.
- Some municipalities offer houses for 1 EUR, but the new owner within 2 to 6 years undertakes mainly to repair it. Against the background of inflation and more expensive materials and labor, the amount can turn out to be as much as the price of an apartment on the outskirts of a big city.
- The new owner may be required to live in the property for a minimum of 6 months a year.
- Not infrequently, the properties that are offered for 1 EUR each have violations in the construction itself. So, for example, a client who bought a house for 1 EUR, subsequently had to invest 300,000 EUR and strengthening works and repairs.
Some foreigners, however, fall so much in love with Italy and Spain that they would like to have a home there. For example, a family from the USA bought a house in a small town between Naples and Rome for 29,000 EUR. He is happy with his choice, as the house is in good condition and does not need major repairs. They can make improvements when they have enough funds without being pressured by deadlines.
They chose to work with a lawyer who was with them throughout the purchase process. His fee was 6500 EUR. The Novodom residents admit that the amount was quite high, but they do not regret it.
You can see detailed statistics on average property prices in Bulgaria by cities and neighborhoods HERE