The Guardian: The life swap dream – or a marketing gimmick? The Italian towns selling houses for €1

Italy's €1 house scheme aims to revitalize depopulating towns by selling abandoned homes for a symbolic price. This initiative seeks to attract new residents and investment, breathing new life into historic but struggling communities across the country.

The program is a collection of local initiatives, not a single national policy. Each town sets its own conditions, often requiring buyers to renovate the property within a few years and sometimes to establish residency or a business.

While the initial price is €1, houses often sell for more at auction due to high demand. Buyers must also factor in significant renovation costs, which can be substantial given the dilapidated state of many of these historic properties.

The scheme has seen remarkable success in some towns, like Montieri in Tuscany, which has attracted foreign buyers and spurred local economic growth, including new businesses and increased tourism revenue.

Depopulation is a major challenge for many Italian towns, driven by an aging population and a lack of opportunities for young people. The €1 house initiative is one of several incentives, including tax breaks and cash bonuses, to reverse this trend.

Critics raise concerns about gentrification and the potential erosion of local culture as foreign buyers move in. The philosophical debate centers on whether to open up these towns to outsiders or allow them to continue to decline.

Despite the challenges, many involved in the €1 house initiatives believe they are a vital form of revival, drawing people who are genuinely interested in integrating and contributing to local life and preserving traditions.

The process of buying and renovating a €1 house can be complex, involving extensive paperwork and bureaucratic hurdles. It often requires significant commitment and financial resources beyond the initial purchase price.

The scheme is also seen as a highly successful public relations campaign, generating global interest and drawing thousands of visitors to these towns, even if they don't end up purchasing a property.

Ultimately, the €1 house program highlights a new era of migration, where individuals with resources seek new opportunities and a different quality of life, often in places facing demographic and economic decline.