Italy is offering cheap houses again and this year, you can buy a property in Sicily, Italy for as little as €3. However, this is an increase in price from 2019’s offer of Sicilian houses for €1. Meanwhile, the chance to buy a quaint home in a traditional Italian village is worth the extra €2. Read on to find out why this European nation is selling off cheap houses.

Why does Sicily, Italy sell houses for as little as €3?

Over the years, more and more youngsters have left the rural homes for the cities to make a living. This has led to populations in rural towns going into decline. A scheme like this attracts people to Italy’s rural towns to boost the number of locals and prevent empty homes falling into disrepair.

Schemes like this have become a popular way for rural towns with dwindling populations to boost their number of residents and prevent disused houses from falling into disrepair. While initiatives of this nature have flopped in some towns, Sambuca di Sicilia is receiving floods of requests for cheap houses.

The homes were bought by people from as far away and the Middle East and the US, while the sales added some €20 million ($2,500 million) into the local coffers. Now, the Sicilian village is doing it again by offering more houses for sale.

What is different this time around?

As with the last offer, there are some stipulations potential buyers should be aware of plus the price has increased. This time around, the village is selling ten homes at a starting price of €3.

The homes are located in Sambuca’s old Saracen district and are reportedly as structurally sound as those sole in previous schemes. Meanwhile, the houses, which were abandoned after an earthquake in 1969, belong to local authorities. This makes the process of selling them easier than in other locations where town councils had to liaise between private owners and buyers.

Moreover, the ten homes on offer are two to three-bedroom properties, no bigger than 80 sq. m (861 sq. ft) and constructed from honey-colored stone. Meanwhile, each home has two of three floors, while some feature terraces.

Is there a catch in buying a home in Sicily?

Readers might have noted that the village benefitted by some €20 million ($2,500 million) and wondered how that was possible from homes priced at €1. There is a reason for that. As with previous sales, houses are sold on auction to the highest bidder. Due to this, the final price will likely be quite a bit more than the symbolic €3 pricing. In fact, some previously sold for between €5,000 ($5,358) and €10,000 ($10,717).

As for the houses themselves, a few offer internal courtyards with bright majolica tiled floors. However, Time Out notes that not all are ready to be lived in. As with the previous offers, buyers will need to undertake extensive repair work. As the homes are likely to be sold for an affordable price, it isn’t that hard to perform a basic revamp at €30,000 ($32,160) or a full makeover at €200,000 ($214,400).

Moreover, renovations or makeovers must be completed within three years of purchase otherwise buyers lose their €5,000 ($5,360) deposit required during the bidding process.

Any readers interested in the offer can find information in English with photos of the homes and an application form on the town council’s website here.