House for 1 euro in Italy - Myth or reality?

The "House for 1 Euro" program is active in many regions of Italy, covering both northern and southern areas of the country. The goal of this initiative is to attract new residents to sparsely populated villages and restore abandoned houses. It sounds very appealing, but how realistic is it, and what are the total costs involved in acquiring such a house?

Expenses and Obligations of the "House for 1 Euro" Program

First, you need to consider the transaction costs, which typically range from 2 to 5 thousand euros — this includes the notary fee and purchase tax. Second, the renovation costs: these houses are in a non-residential state and require complete reconstruction. The buyer, upon purchasing such a house, signs a commitment to carry out the reconstruction within a specified period, usually up to 3 years. Sometimes, a deposit is required, which is returned after the work is completed. Most likely, you will be recommended a construction company to carry out the renovation, and it is unlikely that you will have the opportunity to choose from many offers, as competition in the small towns and villages where these houses are sold is generally absent. The rates for renovating a house in a non-residential state in Italy start from at least 500 euros per m² (source). Thus, 1 euro is just the cost of the entry ticket.

Alternative: Real Estate in Scalea, Calabria

As an alternative, you can consider the possibility of purchasing real estate in the south of Italy, in Calabria, in the city of Scalea. This city has become popular among foreigners in the last 10 years due to its relatively low real estate prices. The cost per square meter here starts from 700-800 euros. The condition of the real estate is modest, everything was built in the 80s-90s, but it is residential, and the city is located by the sea (unlike the cities where houses are sold for 1 euro), with the distance to the beach from most houses being within 1 km. In neighboring settlements, located a bit further (5-7 km from the sea), the cost per square meter can be even lower — 300-500 euros.

Thus, in Scalea, you can buy a small apartment (30-50 m²) in a modest but residential condition for approximately 30-35 thousand euros. The cost of cosmetic repair work can be 5-10 thousand euros, and a full restructuring will cost a bit more — around 20 thousand euros. In any case, this is much cheaper than the cost of real estate in other European countries.

An Example of Investment in Scalea

A real example: one apartment in Scalea was bought for 40 thousand euros, renovated for 20 thousand euros, and sold for 83 thousand euros, which brought profit. Photos before and after renovation:

Kitchen/Dining Room

Bedroom

Bathroom

Other photos can be viewed on the property page.

These photos illustrate the typical condition of real estate in Scalea: modest, but with good potential for renovation and value increase.

Advantages of Scalea over the "House for 1 Euro" Program

• Dynamic Development: The city is growing due to foreign demand.
• Seaside Location: Clean sea, many beaches marked with UNESCO flags.
• Transport Accessibility: High-speed trains Freccia Rossa — 3 hours to Rome, 2 hours to Lamezia Terme airport, connecting the region with all of Europe.
• Investment Potential: Price growth and the possibility of renting out.
• Repair Flexibility: You can independently choose a team and organize the work.
• Government Support: Local authorities are tolerant towards property owners.

Disadvantages of the "House for 1 Euro" Program

• Cities and settlements are usually far from the sea.
• Poor transport accessibility.
• Practically zero tourist flow.
• No investment prospects: difficult to rent out, prices are unlikely to rise.

Conclusion

Purchasing real estate in Scalea can be a more profitable and promising option compared to the "House for 1 Euro" program. The real example with the apartment bought for 40 thousand euros and sold for 83 thousand after renovation confirms that investments in Scalea offer not only affordable housing but also the opportunity to earn due to its proximity to the sea, developed infrastructure, and growing demand. Learn more about such properties on CasaScalea!