How Americans Can Buy a $1 Home in Italy

Imagine basking in the sun at your villa in the quaint Italian village of Ollolai or sipping a spritz and tucking into pasta in an Italian town literally called Penne—and doing it all for the cost of a convenience store coffee. Sounds pretty good, right?

Americans' interest in moving abroad surged in the days after Donald Trump won the 2024 presidential election.

"We received a rush of applications in the middle of the year, a sort of slowdown period from July to mid-October as many were traveling in the summer and others wanted to wait to see how things turned out with the election," says Steve Corbin, senior associate and attorney at Harvey Law Group, an immigration law firm. "Since the results, we’ve seen a flurry of inquiries."

Now, those looking abroad to escape the country's policies and current high mortgage rates could consider Italy for homeownership—and they're especially interested in the country's glut of $1 houses.

What are Italy’s $1 home programs?

Due to an aging population and urban migration, some of the country's quaintest towns have an empty-home problem. The towns are looking for people to purchase—and renovate—unoccupied and abandoned homes.

To drive interest in the properties, many of these towns are advertising homes for $1. These municipalities are hoping an influx of new ownership could help jump-start local economies and provide needed tax funds for public services.

The town of Ollolai, on the island of Sardinia, for example, is encouraging Americans to "start building your European escape."

Meanwhile, in Penne, Mayor Gilberto Petrucci hopes to revive his "ghost town" of a city by offering a fresh handful of properties to eager expats looking to start a new life just 35 minutes from the coast.

"There are potentially over 40 empty buildings in town looking for new owners, and they’re all located in the historical center, which has been declining since families started emigrating decades ago," he told CNN Travel.

Penne's latest offerings ask that buyers simply commit to completing the restoration of their home within three years after buying it. No deposit required—which is a big deal, since buying a home for $1 is rarely the case in most places in Italy.

How do I find available $1 properties in Italy? 

Various websites catalog what's available and where, but most strongly recommend that you visit the location before you buy.

Homes are in various states of disrepair: Some need relatively minor fixes, but others might need major renovations and updates.

Some homes might look postcard-cute, but buyers who don't bother visiting run the risk of walking into a scary money pit.

The top regions for deals: Sicily, Umbria, Tuscany, and Sardinia

Some areas of the country are offering more affordable housing than others. The bulk of available properties is in Sicily, Umbria, and Tuscany, but you can find homes around the country.

For example, if you're looking in Sicily, villages such as Gangi, Salemi, Mussomeli, and Sambuca have all started $1 initiatives to bring in the next generation to the area.

If you're looking in Tuscany, consider looking at smaller hamlets well outside of Florence, like Montieri or Fabbriche di Vergemoli.

The Umbria region, located directly east of Tuscany, has towns such as Cantiano that have had $1 homes in the past.

And in Sardinia, Ollolai is still welcoming new tenants.

The catch: Why a $1 villa costs thousands upfront

While many homes are listed at $1, the actual investment you'll need to make is much more.

• The escrow deposit: To start, municipalities require an upfront deposit of $5,000 to be considered for the home, along with a $15,000 renovation deposit. Those funds are put in escrow while you wait to see if you've been granted a home. If you're given the chance to buy a home but don't complete your renovations within a set period of time, you'll lose your deposit.
• Legal fees and taxes: Beyond the deposits, you'll also be responsible upfront for paying any legal fees that might be incurred in the transfer process, including property and land registration taxes, along with VAT and notary fees. Many buyers and agents in Italy say it can actually be cheaper to look for houses priced below $50,000 that don't come with specialized stipulations.
• The strict timeline: Once you buy a home, you're locked in and required to submit a renovation plan to the local council and start work on the property within two months of purchase. You'll have to complete your renovations within three years or risk losing the home altogether.

Because most of these homes are hundreds of years old, they could require a major investment. Foundations may be crumbling, plumbing may be nonexistent, or the roof may need to be completely replaced. In some cases, buyers have had to spend tens of thousands of dollars to get their homes in livable condition, but that's the gamble you're taking on a $1 property.

Aside from the material cost of renovations, you'll also want to factor in the cost of either overseeing the renovation project or hiring someone to do it for you.

Does buying a $1 home grant you a visa?

Each town and municipality will have its own stipulations and regulations about how property is transferred. In the Sicilian town of Mussomeli, for example, homeowners can alter the inside of the properties but not the outside. The purchasing of property in the country doesn't automatically grant you a visa to stay, and some towns require you to apply for permanent residency in order to buy.

So if you're serious about snatching up a $1 property in Italy, you'll need to do some research.