€1 homes for sale in a Covid-free Italian village

You can pick up a house for less than the price of an espresso in one picturesque town in the south of Italy

Over the past few years, there have been a number of rural Italian towns and villages selling off homes at bargain price tags in a bid to counter their dwindling populations.

Cinquefrondi, located in inland Calabria, is the latest in a long line of fading Italian towns to announce it is selling off houses for just €1.

And Mayor Michele Conia was keen to point out that the town has a unique selling point: it has had no reported cases of Covid-19.  

The lack of infections is perhaps due to its low population of 6,500 and its relatively isolated position in the area often referred to as the boot of Italy.

But despite the fairly remote setting, it’s just a half-hour drive from the popular beach area of San Ferdinando, making Cinquefrondi the ideal location for a bargain holiday home.

Perched at a high elevation, the settlement offers stunning views of the Ionian and Tyrrhenian coasts, the Aeolian isles and the surrounding Aspromonte National Park too.

A bargain investment?

Unlike some of the previous €1 offers, the financial commitment required to snap up one of the Cinquefrondi properties is relatively low.

Previously towns and villages have typically asked for a €5,000 (£4.5k) deposit from buyers to make sure they are committed to the project. But in Cinquefrondi, buyers only have to stump up for the initial purchase price and an annual €250 (£225) insurance policy until the works are finished.

There is a sting in the tail for anyone who fails to finish the renovation works needed within three years though: a €20,000 (£18k) fine.

"We're just asking for some kind of certainty once a new buyer commits to the project. The fee is very low and the cost of a restyle here is within €10,000 (£9k) to €20,000 (£18k), given the dwellings are cozy [and] tiny," Michele Conia told CNN.

Image: Google Earth

What’s up for grabs

The properties on offer are all located in Cinquefrondi's historic area and measure around 430-530 square feet in size, with some offering balconies.

The fixer-upper houses are in a poor state of repair and require significant renovations to bring them up to scratch for modern living. However, for an ambitious buyer, this could be an especially rewarding venture.

Initially, about a dozen homes are up for grabs, though Conia is open to the idea of expanding the number of properties available if demand is high.

"If we receive a huge demand, I can expropriate all other buildings which have been empty for decades and the old owners are nowhere to be found," he said.

Fancy snapping up your own €1 house? You can find out more here.

Top image: Antonio Arico / Shutterstock