Apartments in Italy for 1 euro: an investment unraveled - Estadão E-Investor - Financial News

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The rules for buying real estate in Italian municipalities

Each Italian municipality sets its own rules regarding the purchase of affordable real estate. In the Italian town of Mussomeli, a region of Sicily with approximately 11,000 residents, a potential buyer must sign a purchase application and visit the municipality in person to inspect the property and determine rehabilitation costs. The process cannot be done remotely unless there is a hired professional to mediate the transaction. Buyer''must also be prepared to dig through all the bureaucratic hassles, such as drawing up the public deed of sale of the property within two months of the approval of the acquisition, paying all the costs of drawing up the deed, drawing up the project of restoring the property and starting the work, also within two months of receiving the building permit. Finally, he will also have to pay a deposit of 5,000 euros in favor of the City of Moussomeli as a guarantee for the completion of the project, with a maximum period of three years. "You don't actually buy a house for 1 euro. You buy a project for 1 euro," Cristina Helena de Mello, professor of economics at ESPM. "They are looking for people who are able to invest in houses that in some cases are in very poor''€1 houses in Italy are in high demand, even with limited publication.