Historic Houses on Sale for 1 Euro in Salemi, Sicily
November 06, 2009 - Sicily
The bottom has dropped on real estate prices in the scenic Sicilian coastal town of Salemi, and potential buyers can secure properties for the incredible price tag of just one Euro (US$1.5).
Ah, but there's a catch: the bottoms of the actual 3,700 houses for sale have literally dropped out as well.
Salemi, just 72 km from Palermo, was devastated by an earthquake some 40 years ago, reducing the centre of the quant Italian village to rubble. Now, in an effort to rebuild the area, Salemi's art historian-turned mayor Vittorio Sgarbi is offering the properties to international buyers for the price of a postcard.
There are a few matters of fine print, however. To wit: new owners are hit up for an additional estimated US$140,000 to hire local contractors, architects and builders, and given two years to complete their restorations.
This article was originally published in LP Luxury Properties magazine
blog, report, real estate market, Salemi