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You Can Buy a $1 House In Italy Right Now...But There's A Catch

Italy is a gorgeous European country that, for many outsiders, is a dream vacation destination. For others, however, it's less of a vacation hot spot and more of a dream home country. The boot-shaped location has plenty to offer- stunning sights, delicious food, and lovely weather just to name a few. Still, it's often seen as a country where living there is merely a pipe dream that could never be achieved—unless perhaps you win the lottery, but even that's highly unlikely. But your chances of being able to live in Italy are now for the better.

According to Cosmopolitan, the Italian town of Ollolai has hundreds of homes that are selling on the real estate market for just 1 Euro. You read that right- 1 whole Euro. A regular home in Italy can be yours for such a small amount of money.

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Via CNN

The reasoning behind this shocking move is due to the town's need for more inhabitants. The current population of Ollolai is just over 1,300, which is quite small in any town around the world. It's also notable when you compare it to 2,250- the number of inhabitants over 50 years ago. There's an understandable fear that if enough babies aren't born, the town will eventually become deserted of people altogether.

As appealing as it is to want to buy a home in Italy for 1 Euro, it's important for you to know that unfortunately, there are a couple catches. First, 1 Euro is about $1.17 USD at the current exchange rate. So, it's technically more than 1 dollar outside of Italy. The second thing you should know is that, if you do decide to buy a house, you must refurbish it within three years. The price of doing so can balloon upwards of $25 000 USD, making your home way more expensive than the initial cost. Needless to say, it's an attractive price, but you must proceed with extreme caution. No rash decisions here!

All in all, it may be super tempting to buy a house in Ollolai, Italy — but don't do it on a whim. Otherwise, you might find out that you've made a massive financial mistake. If you can afford it and are willing to make such a huge move, then go for it. Houses don't typically go for such a low price, so taking advantage of it is a wise choice.

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