Sicilian mayor sells historic homes for €1

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by Gill Montia

In what must surely be the overseas property investment story of the year, houses are being offered for sale in the historic Sicilian town of Salemi, for an initial outlay of €1.

The town’s mayor, Vittorio Sgarbi, is desperate to preserve the ancient quarter of his town, parts of which are over one thousand years old.

However, the properties are in a dilapidated state having been struck by an earthquake in 1968, and the purchase price entails a commitment from the new owners that they will restore their properties.

Work needs to be complete within two years of the purchase and as structural repairs are essential budgets will begin at around €100,000.

Anyone tempted to embark on such a venture will need to be a keen historian because the buildings need to be restored rather than redeveloped.

The 3,700 homes for sale are owned by the town council; residents of Salemi have already been offered properties at no charge but low take-up has led the mayor to widen the scope of the project.