Home Owner for Just 1 Euro: How to Buy Your Dream House With Zero Budget

① Italy, 1 Euro Housing Project

A village in Italy is selling houses for just 1 euro. In the town of Ollolai in the Nuoro region of Sardinia, Italy, a project called ‘Let’s Work in Ollolai’ is underway for 1 euro house.

In particular, Ollolai village has made a groundbreaking offer to foreigners. The town has implemented a policy to attract digital nomads. With the emergence of COVID-19 and the normalization of remote work, they are attracting digital nomads by renting houses for 1 euro. A digital nomad is a portmanteau of digital and nomad. It refers to people who conduct economic activities anywhere, anytime, using laptops, mobile phones, etc.

A significant advantage is working amidst the beautiful scenery of Ollolai village.

You don’t need to pay additional costs for house renovation in Ollolai village, which also caught people’s attention. You only pay a monthly rent of 1 euro. The primary stay lasts one month, and they evaluate long-term stays case by case.

Ollolai village is a longevity village with over 100 years old population. Also, it is one of the world’s top five blue zones. However, the population has been declining for the past 40 years. Over the past 40 years, the population has nearly halved from 2013 to 1174. With the aging population, abandoned houses began to appear, and Ollolai village implemented a 1 euro house policy. They are hoping to raise the value of housing use and attract population.

Project leader Samata said, “The project, planned with digital nomads in mind, is receiving a great response from foreigners.” The local media reported on the 6th that applicants had exceeded 1,000. The migration of foreigners who rented houses had already begun.

② First Project Targeting Foreigners

This is not the first time Ollolai village has started a 1 euro house project. In 2018, Ollolai village made headlines by announcing the sale of 200 stone houses for 1 euro. At that time, the eligibility for application was mainly for Italian nationals. However, being the first one targeting foreigners, this project attracted more applicants.

Clarisse Parties, a designer from California, USA, is the first resident of the 1 euro house in Ollolai village.
Parties said, “My goal was to work freely anywhere using the internet and new technology, and life in Ollolai was better than I expected.” She added, “There is so much to explore in Sardinia. I’m happy to be deeply immersed in this island and culture.”

The following residents will be a couple from Singapore, expected to arrive at the end of September. Initially, the project was aimed at Americans, but as the news spread, inquiries flooded in, and the doors were opened to the whole world.

③ Village Offering Abandoned Houses at Low Prices

As the population decline rapidly progresses, Italy is trying to attract residents with radical conditions.
In 2020, the local government in the southern Italian village of Teora advertised, “We’ll pay the rent; please live here.”

If you rent a vacant house in Teora village for 2 years, you will receive 150 euros per month from the local government. The average house rent at the time was 200 euros per month so you could live here for about $78 per month. If you buy a house, you can receive 5,000 euros (approximately $5,927). The average sales price for a 1,076-square-foot home is 30,000 euros so you can buy your own house for about $35,560. Buyers had to live in this village for at least 3 years and have at least one child to apply.

In Sicily, as the population decreases and vacant houses increase, houses are auctioned at low prices. Many people showed interest in the news that they could buy a home in a Mediterranean resort at a cheap price.

In addition, 1 euro houses are showcased in regional cities in Italy. CNN has reported that more than 1 euro houses will appear in the Italian market. However, a few things to consider when buying a 1 euro house.

Morgan Gihot, a Frenchman who first bought a 1 euro house in the center of Sicily’s Mussomeli, said fixing the house after purchase was not easy. He had to repair the bathroom, floor, and walls of a 538-square-foot house. He revealed his plans to use it as a vacation home.

CNN advised that since someone had abandoned the house for a long time, repairing or renovating it would cost at least a few thousand dollars more. They also reported that some people visit the village in person and buy houses in better condition for a little more money instead of 1 euro houses.

By. Han Mia (miumia___12@mememedia.co.kr)