Penne, a town located in Abruzzo, is getting ready for its third round of selling one-euro houses. If you thought all the one-euro house deals in Italy were gone, think again. Penne, a town in the central region of Abruzzo, is offering abandoned homes for the price of a coffee to combat depopulation.
The initiative, started in 2022, has already seen six homes sold, mainly to Italian buyers. The mayor of Penne, Gilberto Petrucci, revealed that the next batch of properties will be available in the coming weeks, with more to follow. The town is looking to breathe new life into its historic center, which has suffered from declining population due to emigration over the years.
Potential buyers are not required to provide a deposit guarantee to secure a run-down property. Instead, they are asked to commit to renovating the houses within three years. These properties, some dating back to medieval times with later renovations, range from 750 to 1,300 square feet and are spread across the picturesque historical center of Penne.
Mayor Petrucci, a native of Penne, expressed his sorrow at seeing these beautiful homes abandoned and saw the one-euro house sale as a way to revitalize the town. The initiative aims to attract new residents to the area and prevent it from becoming a deserted ghost town.
In contrast to other similar programs, Penne has established more flexible rules for buyers, requiring only a commitment to renovate the properties within a set timeframe, without the need for an initial downpayment. The town hopes to encourage individuals to take on the challenge of restoring these historic homes and contribute to the preservation of Penne’s heritage.
Between 2,000 and 5,000 euros ($3,000 to $5,250), which is refundable upon completion of the work, is the cost range. An additional attractive feature of Penne’s initiative is the assistance provided by an agency to guide buyers through the restyling process. With a rich history spanning centuries, Penne is a proud town, as highlighted by Gilberto Petrucci.
“We have a team of architects and experts who can offer advice and support for renovation projects, assist in finding builders and surveyors, provide buyers with visual renderings of their future home post-renovation, and guide them throughout the renovation journey,” Petrucci explains.
According to the mayor, the starting price for a basic restyling of a small to medium-sized house is around 20,000 euros ($21,000). In cases where there is high demand for properties, with multiple buyers interested in the limited homes available, the homes will be sold to the individual with the most comprehensive and prompt renovation plan. For those not looking to oversee renovations themselves, there are turnkey homes available on the market, as well as properties requiring minimal work. Habitable houses start at 40,000 euros ($42,000).
Penne’s proximity to the Adriatic coast, just an hour’s drive away, adds to its appeal. Petrucci describes the town’s old district as an “open-air museum,” showcasing a blend of medieval, Gothic, and Renaissance architectural styles.
“Penne has a rich history,” he remarks. “The town’s ancient roots have left an indelible mark on its landscape. Traces of prehistoric settlements belonging to the Oschi, an Italic tribe that inhabited the highlands for protection, have been discovered.”
During Roman rule, Penne was known as Pinna and served as a crucial hub for communication and trade, evidenced by Roman artifacts displayed in the local museum.
The town hosts an annual Palio, a traditional horse race through its narrow streets reminiscent of the renowned event in Siena, Tuscany. Penne’s countryside is fertile, cultivating various grains including spelt, corn, barley, and durum wheat for pasta production. Local delights such as extra virgin olive oil, rosé cerasuolo wine, and white trebbiano d’Abruzzo are favored by food enthusiasts.
Traditional dishes like timballo, maccheroni alla chitarra, and arrosticini are cherished by locals and visitors alike. Penne, known for its one-euro homes scheme, is just one of many towns in Italy offering such opportunities to potential buyers.
Italy, particularly in the southern regions, is renowned for its one-euro home programs. Sicily stands out as a prominent location, with towns like Mussomeli, Cammarata, and Sambuca attracting interest from both domestic and international buyers.
Mussomeli, in central Sicily, has seen a surge in foreign residents since launching
Here are some tips for responsible home buying. If you’re wondering what happened to buyers after the media attention waned, we’ve interviewed a few here and here. Another one-euro home program is currently available on a different Italian island, Sardinia. To access more CNN news and newsletters, sign up for an account at CNN.com.
