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The Town Of Italy Has Raised The Price Of Low Cost Housing To Eur2

Sambuca di Sicilia, CNN – Style Of the several decreasing Italian communities that have chosen to sell damaged properties for just one euro, Sambuca di Sicilia has unquestionably been the most successful.

When CNN Travel initially unveiled the initiative in 2019, about 16 homes have been picked up for EUR1, and Sambuca has been in the spotlight ever since.

As a result of the international attention, an influx of reporters and foreigners looking for a bargain property arrived, and bemused locals could only watch as their village, deep in the heart of Sicily, became a go-to location overnight.

Nobody knows how Sambuca managed to outperform all of Italy’s other unpopulated towns, such as Campania’s Zungoli and Sicily’s Mussomeli, which are all trying to sell their deteriorating properties.

Maybe it’s because it’s named after the famed Italian anise-flavored liqueur Sambuca, and the Sambucus elder flowers from which it’s manufactured grow in adjacent fields?

Or was it because of its rich history, attractions like Al Zabut’s majestic palace ruins, or its unique vibe?

Whatever the reason, Sambuca is aiming to repeat its success by putting a second batch of abandoned dwellings up for sale, this time for a symbolic EUR2, which is still less than a piece of pizza.

Local authorities have decided that now is the ideal moment to sell off around 20 more abandoned structures, many of which are neighboring properties, offering owners the option to acquire more than one property and knock them through two years after the 2019 plan ended, since they continue to receive inquiries from foreigners interested in buying one of the town’s affordable homes.

The chosen properties, all located in Sambucas historical center’s old “Saracen” neighborhood, were abandoned after a devastating earthquake struck Sicily’s Belice Valley in 1968, destroying the area.

They were just put up for auction at a starting price of two euros, with the highest bidder taking home the prize, as was the case in 2019.

The new program began on July 15, and application forms are now available on the town’s website.

The application period ends on November 5th.

Following the analysis and consideration of all requests, a public auction will be held, most likely within a few weeks.

Thousands of inquiries from potential purchasers inundated the town hall in 2019, prompting organizers to auction the available houses.

The homes were subsequently sold for anywhere between EUR5,000 and EUR10,000, with prices ranging from one euro to EUR25,000.

CNN has obtained exclusive photographs of the next round of houses up for sale, which include a diverse range of styles and sizes.

There are a number of single-level residences for sale, ranging in size from 50 to 80 square meters, with modest Moorish internal courtyards with lemon trees.

In the meantime, larger multi-story reddish-pink stone buildings with balconies and terraces overlooking green fields populated with grazing sheep are also for sale.

And it’s not just residences that are on the market.

Vacant town spaces and patches between residences are also on the market, allowing owners to create almost anything they want from the ground up in the location they choose.

Fixer uppers “We had a lot of interest in these open-spaces from Middle Eastern buyers,” says the town’s deputy mayor Giuseppe Cacioppo. “It provides individuals more freedom for creation and inspiration, to shape how they want.”

“Moreover, they’re approximately EUR500 cheaper.” Several of the properties on the market are in fantastic condition, with old painted majolica tile flooring built by Sicilian art masters and golden brown colored walls dating back to the 1920s, and appear to be the most sought-after of the group.

The majority of the properties, however, are in desperate need of repair, with some still containing forgotten items and heaps of broken, dusty furniture.

The auction’s start was timed to coincide with Italy’s reopening, as the country prepares to open its doors to tourists again following the Covid-19 pandemic’s border closures and restrictions.

This implies that many potential purchasers will be able to visit Sicily and see the properties for themselves, depending on where they are located in the world as well as their vaccination status in some situations.

Due to the impact of the epidemic, which hit Italy particularly hard during the first wave, the town postponed the launch of a comparable scheme only last year.

But now that the country’s situation is under control, case numbers are low, and vaccination campaigns are underway, Sambuca is ready to welcome visitors once more.

Local officials, according to Cacioppo, are keeping to the same laws as previously because they feel the restrictions’ simplicity, as well as the attractiveness of a rebuilt town, will be a huge draw.

“The regulation has worked effectively and has been quite straightforward and simple to follow,” he says.

“Those who participate in the auction will be forced to pay a deposit guarantee of EUR5,000, which will be returned to them immediately if they lose the bid, but it will automatically be their deposit guarantee if they win.” Once the sale is completed, bidders who are not compelled to take up residency must complete modifications on the property within three years.

This time, though, there will be tax breaks for investments in green upgrades.

“Those who bought a house in 2019 were bold; they went into this experience blindfolded,” Cacioppo says.

“But, those who buy one now are astute and understand exactly what they’re getting into, as well as all the benefits.” “They’ll find a revived town brimming with energy and life, where many buildings have been renovated, and where their neighbors down the street speak English and French.”

Today’s sambuca has a higher worth, and there’s a buzz in the air.”

The town’s social and economic upheaval was tempered by the impact of the 2019 one-euro sale scheme, which generated a lot of noise.

The town’s real estate market thrived as residents followed the mayor’s lead, resulting in over 100 private sales of low-cost homes.

This resulted in the opening of a slew of new art ateliers, artisan boutiques, photo labs, and wine bars, as well as the establishment of Italian language schools for foreigners.

One of the EUR2 residences on the market has even been set aside for artists who want to create a studio.

According to Cacioppo, there are plans to create remote-working hubs in Sambuca in order to attract worldwide digital employees.

While only four of the 16 EUR1 residences sold in the 2019 batch are now under renovation, a handful of the new owners ended up purchasing at least two additional properties in town, so it’s likely they’ll be concentrating on one at a time.

Unlike some of the other shrinking municipalities that have devised similar housing schemes to entice newcomers, the city of Sambuca owns the abandoned homes.

This has aided in the speeding up of the proceedings because there is no need to communicate with past owners who have not returned since the 1968 Belice earthquake, which caused many families to flee the area, while others migrated from town following WWII.

Sambuca, often known as the “City of Beauty,” is located within a natural reserve and is surrounded by beautiful beaches, woodlands, and mountains.

Despite its growing popularity, Sambuca remains a tranquil location.

Its roots can be traced back to ancient Greek immigrants, and its contrasting architecture, which includes churches with Arab-style domes and Baroque palazzos painted with cherubs and gargoyles, makes it something of an open-air museum.

From the Belvedere Terrace, where a beautiful palace once stood, you can see Sicily’s Mount Etna Volcano if the sky is clear.

Selinunte, one of Sicily’s outstanding Greek archaeological sites, is close by, as is the Valley of the Temples, a UNESCO World Heritage Site.

Many large vineyards that stretch all the way to the sea can also be seen in the vicinity.

In the 1500s, Spaniard estates around the artificial lake of Lago Arancio, where the ruins of an Arab fortress are regularly seen during low tides, began to grow red grapevines such as Nero dAvola.

Local gastronomic specialties are also a key selling feature, as they are in most Italian towns.

Sambuca’s gastronomic specialties include savory snail pasta dishes and the distinctive minni di Virgini, or virgin breasts, which are really enormous buns.

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