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Like other Italian towns selling 1 euro houses, Pratola Peligna has a steadily declining population. While the town had approximately 13,000 residents in the 1930s, that number has fallen to today’s population of around 7,000 as many residents left looking for better and higher paying jobs.
Some of the abandoned houses are in relatively good condition. On the other hand, many are in need of significant restoration while others are, essentially, ruins. In fact, the municipality has issued more than 40 warnings to owners noting that the house is in imminent danger of collapse, according to 1eurohouses.com.
In response, some owners have deeded houses to local authorities to avoid the burden and cost of maintaining buildings. That’s why Pratola Peligna is now able to sell houses for 1 euro.
Other towns selling 1 euro houses typically require buyers to pay a deposit of thousands of dollars to guarantee they will actually renovate their new home. Pratola Peligna, however, will instead simply issue the new owner a fine of 10,000 euros (approximately $11,500) if they fail to register a detailed plan of restoration with the town within 6 months.
“This is really in a worst-case scenario,” Di Bacco told CNN. “We just want to make sure buyers actually follow through on their commitment and don’t simply purchase a house for 1 euro and then disappear.”
