Ciao Amici (Friends!)
“Chris here from Super Savvy Travelers!” And in the last few weeks over 200,000 of you have heard that phrase on our Super Savvy Youtube channel.
Thank you! It has been a pleasure being in communication with you all!
Honestly the 1 Euro Italian House trend has just gotten bigger and bigger. A couple of weeks ago, I swore to you that there were none in Calabria that I could find.
Well, it appears that Mayor Michele Conia has risen to the challenge and made 1 Euro Italian houses available in his community of Cinquefrondi.
Cinquefondi literally translates to “Five Fronds” and the village is named for the fact that there were five separate communities of Greek and Byzantine origin that all came together and formed one community during the Middle Ages.
Cinque Frondi is located on the bunion of the boot that is the Italian Peninsula. It rides along the crest of the Aspromonte Mountains and affords access to the sea on both sides.
Mayor Michele, along with many other mayors in the region have been attempting to reverse the depopulation of their towns and villages due to the exodus of young people who have had to leave and look for work in the more populated areas.
He has christened his repatriation project, “Operation Beauty” and we whole heartedly support him in his efforts.
Cinquefrondi has also advertised the fact that it is a “Covid Free” community in that they were able to side step the COVID virus completely.
In fact, much of Calabria was able to escape the ravages of this virus by shutting down quickly and keeping a close eye on it. I have heard that there was not a single case of COVID in our village of Santa Domenica Talao either so well done to all of our mayors and city leaders in Calabria! You guys did great!
Here is a map of where we are n Santa Domenica Talao for comparison.
Now let’s go over some facts about the 1 euro Italian house programs.
Normally if you elect to purchase a 1 Euro Italian house, you have to have a 5,000 Euro deposit. In addition if you do not complete the renovations within 3 years, you will be facing a fee of 20,000 Euros.
In Cinquefrondi, the 5,000 Euro deposit is waived but they ask you to purchase an insurance policy in the amount of 250 Euros per year until the works are complete.
The 20,000 Euro fee is in also effect in Cinquefrondi if the works are not completed in three years.
So it appears that the community has tried to sweeten the pot dramatically in order to bring people in.
That said, is a 1 Euro Italian house for you?
In addition to the factors listed above, there are other factors you need to consider.
- The houses available for 1 Euro in Cinquefrondi are very old and are located in the ancient part of the city. These ancient houses lean on each other. What happens to the structural integrity of the building as a whole? Can you fortify your house so that it doesn’t fall if the others never get renovated?
- Does the housing market in Cinquefrondi support a renovation cost of 10-20K Euros that it will cost to renovate one of these places.
- How can you protect yourself if the builders get backlogged and it takes longer than there years to renovate?
None of these questions are designed to put you off the 1 Euro houses but merely to have you take a look and see if this will work for you.
In any case I would definitely run everything by an attorney because he will know what questions to ask and what points to clarify in a contract. We highly recommend Nic Metta at Studio Legale Metta for this purpose.
This may be the deal of the century for you so check it out thoroughly!
Now I want to give a shout out to Dave and his Youtube channel Dauv0. Dave is in Mussomelli (Messina) Sicily and has his finger on the pulse of everything about 1 Euro houses all over Italy. We will be teaming up with Dave for some really fun and exciting projects so stay tuned to both of our channels. You are going to love it!
If you are looking for a 1 Euro Italian property. You need to watch our video on the subject. This will give you the truth abut 1 Euro Italian houses.
AND if you are looking at purchasing a property in Italy and/or moving there you MUST study our online video course and Ebook. It gives you EVERYTHING you need to know about purchasing a home and/or moving to Italy.
You can also get your personal Move to Italy Action Plan/Checklist here.