How to score a Sicilian villa for only one Euro

Salemi
Salemi, Sicily – overlooking the Mediterranean

English homes are dropping in value like a rock and the Spanish real estate market has taken a dive. What about Italy? Tuscany is simply too, too expensive for the average or above average investor but there is a place further down south where you can get a villa on the Mediterranean for only one Euro.

Vittorio Sgarbi, the controversial mayor of the Sicilian town of Salemi is offering investors the chance to snap up villas in his town for a single Euro. But there is a catch as Richard Owen explains:

The catch is that you have just two years to restore the homes, which were abandoned after an earthquake 40 years ago.

Vittorio Sgarbi, the colourful Mayor of Salemi – just 72km from Palermo – hopes to attract buyers who had “both the aesthetic sensitivity and the economic resources to take part in this adventure”.But prospective property owners who think the offer is too good to refuse should bear in mind that thhe restorations will have to meet standards laid down by the council and respect the original character of the buildings.

Here is the contact info plus the terms and conditions:

— Salemi does not yet have a website but Vittorio Sgarbi does, at www.vittoriosgarbi.it – e-mails can be sent by clicking on contatti. Inquiries can also be made to the council on (0039) 0924 991 111

— Buyers must use local builders, architects, decorators and plumbers since the aim ofthescheme is to help the local economy


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10 Responses to How to score a Sicilian villa for only one Euro

  1. Maddy orlando says:

    I currently have a house in Salemi which i have recently refurbished and now rent out. Anyone wanting to visit Salemi can contact me for accomdation and/or collection from the airport to include accompanied trips where required.

    m.orlando@hotmail.co.uk

  2. maria says:

    Is there an estimation regarding the restoration cost???

  3. vodkasoda says:

    Hi Maria!

    Roughly 100,000 EU.

  4. vodkasoda says:

    This is a very popular topic today! Several hundred hits…….

  5. Fred says:

    Not as popular as the Newsweek article ? Click name to see it.
    http://www.newsweek.com/id/159040

  6. bubuka says:

    I wonder if the land under those ruins will come with the villa – or will the land be at an additional cost? Also, what’s the average real estate price in the area? (I mean homes that do not need to be restored). THanks:))))

  7. Maddy Orlando says:

    I believe that the land comes with the house, there should be no additional costs. For the price of about 20 to 30,000 Euro’s you can buy a property which will need minor restoration. I think that for about 70,000 you can buy one of the town house style houses which is fully restored.

  8. Scott Mac says:

    Any idea of home prices comparable to these once they are restored?

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