Italy: Coastal Town Selling $1 Homes

The Italian town of Ollolai has an interesting offer for those who want to own a home right now. The town, which is located in the Sardinia island, is currently selling homes for just $1. The homes being sold are not new, they have actually been abandoned for a while as the town has lost nearly half of its population in the last 50 years.

Ollolai is one of a few towns in Italy that is losing its population to big cities. Better job opportunities and schools are just some of the reasons why many Italians are moving out. In recent years, the towns losing their population have tried or proposed ideas to attract people.

Ollolai is the latest to do that, selling $1 abandoned homes to anybody that is willing to spend much more later. I say much more because the homes cost $1 but they are in bad condition since they’ve been abandoned for years. Buyers must also agree to restoring the home within three years. Ollolai’s mayor says three houses have been sold since the project was announced.

The town isn’t the first to come up with something like this. In recent years, a few towns have also announced similar ideas to attract people. The country has also started giving away historical buildings for free. The only requirement for businesses interested in the free buildings is that they have to turn them into tourist attractions. Italy, which has several tourist attractions in its most popular cities, is looking to spread tourism to other regions.

Back in 2017, the village of Bormida was in the news for offering a few benefits to those who moved in. The village, which has seen most of its population move out, was said to be offering an incentive of over $2,100. That’s not all, it was also said to be offering very low rent.

The offer made news across the country and many contacted the village to get more information. The mayor later said in a Facebook post that it was just a proposal and that it had not been approved. The post where the offer was mentioned received thousands of responses from people interested in moving in. Bormida has only one main street and just a few places to visit, including one restaurant, but the proposal saw thousands of comments. Like the town of Ollolai, Bormida has seen its population drop throughout the years.