You Can Now Buy A House In This Italian Town For Rs 80!

You Can Now Buy A House In This Italian Town For Rs 80!

If the prospect of settling down in Europe has made an appearance on your bucket list before, this might be the right opportunity for you to cash in on it, without burning a massive hole in your savings. How, you ask? Simply by moving into an Italian town that's offering to sell its houses for one euro (Rs 80).

Nope, we aren't kidding.

Ollolai, an Italian village in the Barbagia region on the island of Sardinia, is offering 200 stone houses for just €1. The initiative was launched in 2015 to attract more residents after the local population had been reduced to just 1,300 people, with few babies born each year.

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But of course, like all unbelievable miracles in life, there's a catch.

The stone houses being offered on sale are all in varying states of disrepair and is in need of some serious renovation. Only those prospective buyers who are willing to pay the estimated cost of €20,000 - €30,000 (Rs 16,02,500 - Rs 24,03,700) to make them habitable will be considered.

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The scheme also states that the residents must commit to renovating the property within three years of purchase, and will be able to sell the house only after 5 years of owning it. 

In spite of the extra cost, the mayor of the town, Efisio Arbau is confident that the charm of the town will lure people in to consider the opportunity.

'My crusade is to rescue our unique traditions from falling into oblivion,' he said, according to a report by CNN. "Pride in our past is our strength. We've always been tough people and won't allow our town to die".

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And, he wasn't wrong. After taking the spotlight recently, thanks to the ‘houses for €1’ scheme, the village received an overwhelming number of recipients and now has a deadline of 7 February 2018 being set for applications. Yes, a little more than four days to bag your dream house. 

“The Municipality of Ollolai announces that with effect from 2 pm (Central European Time) on 7 February 2018 it will no longer be possible to submit applications for participation in the ‘Case a 1 Euro’ scheme, as the number of requests submitted has potentially exhausted the number of available properties", said Arbau in an official statement. 

He also added that, after the cut-off, applications will be evaluated in the order they were received. If the scheme is to be reopened, it will be announced on the village website.

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But worry not! Ollolai isn't the only town that's giving people ridiculous 'WTF' deals on their houses.

According to a report by the Independent, Candela, a small town in Puglia, announced in October 2017 it would pay up to €2,000 (Rs 1,60,200) for new residents to move there, but of course, that also comes with certain terms and conditions regarding duration of stay, ability to rent the house, and generate a fixed amount of income.

So, what do you say? Anybody feeling up to shifting base to the picturesque European town?

Images: Ollolai Comune Proloco, Daily Mail