A house for one euro: myth or reality?

Several Italian regions offer abandoned houses for a symbolic euro to repopulate declining villages. The houses exist. So do the conditions.

What you commit to

• —Complete reconstruction, usually within about three years.
• —In some municipalities, a contractor from an approved list.
• —A refundable deposit until the work is done.
• —A location that is typically far from the coast and from transport.

What it really costs

• —Transaction costs of €2,000–5,000 for the notary and purchase tax.
• —Renovation of a non-habitable house from at least €500 per m². A modest house easily passes €50,000.

The honest comparison

For the same money, a small apartment in Scalea comes with a beach, a station, five supermarkets and a market that keeps its value. The one-euro house is a project; a home by the sea is a home.