Are you determined for 2020 to be a fresh start for you? New scenery, a new home, a new location? If you said yes to all of the above, this could be the perfect opportunity for you.
Currently selling properties for less than £1 is the city of Taranto in southern Italy - here’s how to be in with the chance of bagging one.
Where is the city?
The homes are available in the city of Taranto. It is a coastal city situated in southern Italy which is linked to the mainland by bridges.
The city is home to the 15th century Aragonese Castle, the Spartan Museum of Taranto and the MArTA Archaeological Museum, which holds a collection of artefacts from prehistory to the Middle Ages.
The average temperature boasts highs of 32C in the summer and milder conditions of 13C in winter.
While these initiatives have been seen before in Italy, so far only remote villages and towns have been involved. Taranto is the first city to take part in the scheme, according to Italian news outlet, The Local.
Why are homes being sold for 85p?
In a drive to improve the city’s image, officials are hoping that the one euro homes will help bring new life to the historic area, which is situated on a strip of land between the sea and a lagoon.
“We’re aiming to take measures which will result in the repopulation and development of the old city,” Francessa Viggiano, a council official, told Italian newspaper II Corriere della Sera.
The Italian government has also recently awarded the city €90 million for improvements to the centre, including improving water and sewage infrastructure, as well as reconstruction of the waterfront.
What’s the catch?
A list of properties for sale on the island will be drawn up in the next few days.
Prospective owners should be aware that they will need to spend their own money restoring their property, which could cost thousands of euros. You will also need to present a restoration plan within the first two months of taking over ownership of the house.
Buyers will be required to actually live in the property as well, in a bid to stop people buying houses, renovating them, and then selling them on for a profit.