In the picturesque town of Sambuca, Italy, a unique real estate initiative is breathing new life into abandoned homes. The town has been selling neglected properties for symbolic prices of €1, €2, and €3, in an effort to counteract depopulation caused by residents moving to larger cities. Launched in 2019, this initiative initially attracted a wave of American buyers. However, in a surprising turn of events, Italians have now become the predominant participants in the latest auction.
The scheme began with an auction of one-euro homes in 2019, drawing substantial interest primarily from American investors. This overwhelming demand led local authorities to auction off the old, abandoned properties. Over the years, Sambuca has placed dozens of such dwellings on the market as part of its community revival efforts.
“They bought 18 crumbly homes at auction in the first two rounds, and over 100 turn-key properties privately.” – Giuseppe Cacioppo
In total, 18 decrepit homes were sold at auction during the initial rounds, while more than 100 ready-to-occupy properties changed hands through private sales. Buyers acquire these homes at symbolic prices but must complete renovation work within three years or risk forfeiting their deposit guarantee. Renovation costs can be as low as €30,000, making this an appealing option for prospective homeowners.
The latest auction saw only 15 bidders participating, with six successful bids ranging from €500 to €12,500. Notably, six of the successful bidders were Italians, marking a shift in interest from previous auctions dominated by American buyers. Among the few international participants was Paul Kanitra, a civil servant from New Jersey with ancestral ties to Sambuca di Sicilia.
“Something weird happened with this third batch of auctioned homes; we thought more Americans would apply, so we were amazed that for the first time ever it was mainly Italians from all over Italy.” – Giuseppe Cacioppo
Kanitra acquired a small 35-square-meter stone dwelling with a panoramic terrace. He plans to use the property as both a personal vacation retreat and a non-profit center aimed at fostering connections between New Jersey and Sicily. Kanitra's purchase holds personal significance, as his great-great-grandparents emigrated from Sambuca in the late 1800s.
“The three-euro program has given my wife and I the opportunity to now go back in time and re-establish a little presence in the town of my ancestors.” – Paul Kanitra
“All of my relatives will share in the small project and are incredibly excited.” – Paul Kanitra
Mayor Giuseppe Cacioppo expressed his belief that interest from US buyers has illuminated the potential of these homes to Italians, resulting in a burgeoning national market.
“Now they’re upping the game, seeking homes that may cost more but don’t need a restyle, and are often also furbished.” – Giuseppe Cacioppo
The trend also indicates a demographic shift among Italian buyers. Unlike past assumptions that such purchases would appeal to retirees, most new owners are young professionals capable of working remotely.
“The Italian buyers are all young and this too is a major surprise. They’re not pensioners but people who can also work remotely.” – Giuseppe Cacioppo
Cristian Salucci, one of the buyers, highlighted a newfound awareness among Italians regarding the untapped potential of such properties.
“I don’t think Italians realize the potentials of buying and giving a new life to one-euro homes.” – Cristian Salucci
“We’ve been blind so far to places like Sambuca, full of derelict empty homes. We have these towns all in our backyard.” – Cristian Salucci
This initiative has successfully revitalized Sambuca's dwindling real estate market. Over 100 Americans have already purchased ready-to-occupy homes from local residents, indicating a robust international interest in the project.
Paolo Morabito, another successful bidder, saw an investment opportunity combined with a chance to enjoy family vacations with his wife and son.
“I saw an opportunity for investment, and a close retreat for family vacations with my wife and son.” – Paolo Morabito
