Getting on the property ladder can be tough – particularly in the UK, where the average house price is around £254,630.
This figure requires a yearly salary of £45,664 – which is substantially more than the national average of £29,000.
However, over the past few years Italy has become known for its affordable property options – particularly its €1 houses in regions such as Zungoli.
Now another Italian town – located near some of the best ski resorts in the country – is offering houses under the cheap scheme.
Pratola Peligna, found not too far from Rome, is selling around 250 houses with the €1 mark-up.
Much like Zungoli, the dwindling population in the area has led to the sale of cheap, run-down properties – in the hope that people will move there to renovate them.
Pratola Peligna, in the Abruzzo region of the Apennine Mountains, is also a great option for skiers as it’s close to some of Italy’s best slopes.
Local councillor Paolo Di Bacco told CNN Travel: ‘We’ve been working on it for years, identifying suitable houses for the scheme that weren’t already involved in post-quake reconstruction.
‘Our goal is to make them all shine again and recover the beauty of the old centre, even if that may take a while.’
However anyone looking to take up the property offer must be willing to get their hands dirty – as the majority of the houses are in a pretty bad way.
Most come in at around 750sq ft and some feature attics, terraces and iron balconies – so there’s lots of potential.
The €1 house rules are also different in Pratola Peligna compared to other regions – as they don’t require a deposit from buyers.
In some Italian areas these deposits can go up to €5,000 and are in place to make sure owners renovate them. However in Pratola Peligna, this has been swapped for a €10,000 fine if building work plans are not submitted in the first six months.
Councillor Paolo Di Bacco stresses these strict rules are a ‘worst-case scenario’ – to avoid people buying the properties and then disappearing.
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