An Italian City Will Pay You $31,000 to Transfer There, however There is a Catch

  • Presicce, Italy is offering roughly $30,000 to individuals who transfer to the historic city.
  • Anybody who buys a property constructed earlier than 1991 and commits to restoring it’s eligible for the cash.
  • Different villages throughout Italy have launched incentive applications to lure new homebuyers.

Presicce, Italy is providing homebuyers 30,000 euros, or about $31,000, to buy its deserted houses.

Positioned within the Puglia area in Italy’s heel, Presicce has a wealthy historical past, however a declining inhabitants.

It is simply the most recent small Italian village to attempt to lure newcomers by dangling main incentives.

Different Italian cities experiencing inhabitants declines and scuffling with derelict properties have instituted comparable applications. Take Santo Stefano di Sessanio, a hilly village within the southern a part of Italy, which provided to pay folks as much as $52,500 to maneuver there. And on the Italian island of Sicily, cities have auctioned off houses beginning at round $1.

Different European cities, like Swiss mountain village Monti Scìaga, have additionally bought houses for simply $1 — though the buildings that go for this little are sometimes in determined want of renovation. American cities, too, are utilizing perks from money to property-tax breaks to a free bike to draw new residents.

Intrigued by Presicce’s $31,000 provide? Consumers should decide to refurbishing an empty residential property within the village of 9,000 folks, based on its plan, which was first reported by CNN.

“The entire funding might be cut up in two: it should go partly into shopping for an outdated house and partly into restyling it, if wanted,” Alfredo Palese, a goverment official in Presicce, advised CNN.

To be able to qualify for the cash, patrons should buy a property constructed earlier than 1991 and take up residency in Presicce. In keeping with CNN, functions for the Presicce program have but to launch, however might be made obtainable in upcoming weeks.

“There are various empty houses within the historic middle constructed earlier than 1991 which we wish to see alive once more with new residents,” Palese stated. “It’s a pity witnessing how our outdated districts filled with historical past, great structure and artwork are slowly emptying.”

A street in Presicce, Italy.

Houses in Presicce usually promote for about $691 per sq. meter.

Miti74/Shutterstock



In 2019, Presicce merged with neighboring city Acquarica to type a brand new comune — like a county — referred to as Presicce-Acquarica. That merger allowed the area to obtain extra funding from the Italian authorities, Palese stated, which is getting used to revitalize the group.

In keeping with Italian itemizing website Immobiliare, houses within the Presicce-Acquarica comune usually promote for 669 euros, or about $690, per sq. meter. A typical house of 46 sq. meters, or about 500 sq. ft, would usually value simply over $31,000. 

Individuals who have taken benefit of the money incentives granted by varied cities have shared their tales of inauspicious renovations and nice pleasure.

Frank Cohen took benefit a program referred to as “Your Home in Latronico,” which helps patrons discover outdated deserted properties on a budget the southern Italian province of Potenza. He advised CNN in September 2021 that he and he spouse purchased three houses in Latronico for lower than $52,000 and have relished the chance to repair them up.

“Latronico has been life-changing,” he advised CNN. “It is the very best of worlds right here.”