If you think that the home values ​​of some of the Australian housing markets are getting worse day by day, you have not seen anything yet. The housing market of Sambuca, an Italian town located on the island of Sicily, is halfway, with dozens of homes on sale for just over a dollar, according to a report from CNN.
This measure aims to increase the population of the rural community which, like many other small towns in Italy, has lost its inhabitants to the benefit of major cities in recent years. To fight against this, the city's fathers began selling homes for one euro – about 14 US dollars as of Wednesday.
Other Italian cities have been trying to attract foreigners with similar programs, but Sambuca officials said they have eliminated much of the paperwork that usually accompanies such agreements, reported CNN.
"Unlike other cities that have been content to do propaganda, this town hall has all the houses on sale for one euro," said Giuseppe Cacioppo, deputy mayor and tourist advisor from Sambuca. "We are not intermediaries who liaise between old and new owners. You want this house, you will get it in no time. "
Of course, there is a trap. New homeowners must promise to renovate their homes within three years, at a cost of about $ 15,000 ($ 17,200), CNN said. They must also pay a deposit of € 5,000, which will be returned once the renovation is completed.
But buyers will find the expenses are worth it, Cacioppo said.
"Sambuca is known as the city of splendor," he told CNN. "This fertile land is dubbed the earthly paradise. We are located in a nature reserve steeped in history. Beautiful beaches, woods and mountains surround us. It is quiet and peaceful, an idyllic hideaway for a detox stay. "
Sambuca is an ancient city founded by the Greeks and conquered by the Saracens around the year 830. The city is a mosaic of architectural styles with strong Arabic influence. But with the dwindling population, Cacioppo told CNN that the city needed fresh blood.
"We can not afford to lose our beautiful Arab heritage," he said. "Fortunately, foreigners are participating in this relief crusade."
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