Buy a home for just 1.57 Australian Dollars in Italy

In Nepalese society often buying or building a home is considered as being mature.

Skyrocketing house prices these days stoping many to say, let’s buy a home. Because before planning to buy a house you need to make a good saving in your pocket and the pandemic made many hard to access a bank loan. Though House price in Australia is skyrocketing now, houses are available just in A$1.57, in another beautiful Italy. Yes, there are many Italian towns where you can buy a house for under 5 Australian dollars. Is that all there is to it? Living in it must be done with family or friends. Biascacca, about two hours from Naples in the southern Campania region, is struggling to revitalize its local community.

It has experienced several earthquakes over the past few years, which CNN Travel cites as a reason for its population decline. Some buildings have broken windows and have grown plants throughout, resulting in run-down conditions.

Nevertheless, 90 properties have been put on the market in the region. The state encourages people to live in the area; these structures are transformed into communal living areas.

Abruzzo, an Italian region with tiny crowds even before the pandemic, beautiful villages, easy access to Rome, mountain ski slopes, and fantastic scenery, offers many attractions for tourists.

The lack of $1.57 or €1 houses for sale has not deterred Italian buyers from looking there until recently. Now, everything has changed. An initiative launched in Pratola Peligna in Abruzzo has brought Abruzzo into the fold. The secluded Apennine Mountains are home to some of Italy’s finest skiing slopes, as well as abandoned property in a medieval quarter, which local authorities hope will soon be refurbished with new life.

Pratola Peligna has declined like that of other villages and towns that have sold cheap homes. In the 1930s, the city had about 13,000 residents, but now only has around 7000 people.

Read Also: How to save money for a first home deposit

Buy a home for just 1.57 Australian Dollars in Italy - NepaliPage

A cheap house comes with some challenges 

Homeless families fled their homes in search of better opportunities elsewhere. Several earthquakes over the years have exacerbated the state of dilapidated old houses, including a devastating one in 2009 that destroyed L’Aquila. Paolo Di Bacco, a local councillor, says locating abandoned properties and contacting old owners have been challenging tasks leading up to the $1.57 sale.

In identifying houses that are not already part of the post-quake rebuilding process, an estimation of 250 vacant buildings are saleable for $1.57 each. Even though this may take a while, the country’s goal is to restore its shine and restore the old centre’s beauty. On the town hall website in Pratola Peligna, details and pictures of available properties are regularly updated. The town hall has already purchased a few homes.

A set of new rules has been introduced to speed up selling a home by encouraging buyers to design their new abode within three years at a maximum. The project will not require a deposit of up to $7900 from buyers, unlike other towns that run similar schemes. If they fail to file a detailed building work plan within six months, they’ll have to pay a $15,800 fine.

Antonella Di Nino seeks a smooth operating city, but with security. Several foreigners have previously taken advantage of cheap housing but failed to maintain contact with the locals.

Approximately 55 abandoned stone homes are found in Pratola Peligna’s historic district, called Schiavoni. Donkey carts are the only vehicles allowed to travel through areas where streets are too narrow for cars. Often there is elaborate stone decoration and arched portals on the exterior of some houses. Some even have furnishings. However, most of the structures are nothing more than ruins housing abandoned things.

Each of the two-floor units measures about 70 square meters. The front door may be stepped upon and may be adorned with wrought-iron balconies. When heavy snowfalls blocked house access in the past, houses got built this way.

Two separate entrances are found at most of the building’s $1.57 floors – one at the top and one down below, where an underground storage area is located.  There were even attics and terraces in larger houses where homemakers hung linens and dried grains and beans.

Do you want to buy a house for just $1.57 in the prominent place of Italy? do let us know your thoughts in the comment section below.

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