€1 properties in Taranto, Puglia
Following the success of Italian hill-towns and villages, Taranto is now offering €1 properties for sale.
Taranto, a city that sits on an island between a lagoon and the open sea in the region of Puglia is offering to sell some of its abandoned palazzi through a €1 scheme.
Taranto’s city council plans to start by offering five properties for sale, with the hope that if the scheme is a success, the project will expand.
The hope is to breathe new life into Taranto’s run down but picturesque old town by attracting investment which will develop the historic centre of Taranto.
€1 is the opening bid at auction
In Italy auctions are not common. There are no legal packs, which contain essential information including property titles and searches. Detailed property information and planning permission are therefore not available. Because you cannot tell anything about the background to a property just from looking at photos, you are responsible for conducting property-related searches.
To avoid buying what seems like a bargain but subsequently turns out to be a money pit, it is advisable that you go and inspect the property and check the local land registry. before you decide to make a bid. Obviously, this may not be possible because of time constraints and it can become costly. As you may not speak fluent Italian or have the expertise to assess what you are bidding for, we would recommend that you seek independent legal advice and professional expertise in Italy to evaluate the property before you submit a bid.
Terms and conditions apply to all Italian €1 property schemes
In fact, properties for €1 usually cost at least €20.000 at auction. On top of this, there is the legal requirement to renovate within a specific time frame. Italian properties for €1 schemes therefore generally end up costing at least €50.000.
In the case of Taranto, owners will be expected to foot the bill of restoring the properties. This could run to many of thousands of euros. Owners will have to present a restoration plan within two months of acquiring the building. In addition, owners will have to occupy the properties. The latter is a condition to stop speculators renovating and selling on these properties.
There are plenty of other reasonably-priced houses in Italy without the terms and conditions attached to €1 property schemes. These properties may be a better option for you.
If you are interested in buying Italian properties for €1 or any other type of property in Italy, we recommend you seek independent legal advice before making committing yourself. We are here to help, please get in touch.
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