In an era where real estate prices are soaring, the idea of buying a home for just one euro (about $1.10) might sound too good to be true. However, in the small town of Penne, located in Italy's central region of Abruzzo, this dream is becoming a reality for a fortunate few. Penne is offering abandoned homes for the symbolic price of one euro in an effort to combat depopulation and breathe new life into its historic center. This initiative, which began in 2022, has already seen six homes sold, and the town is preparing to release another batch of properties in the coming weeks.

A Town with a Mission

Penne is nestled midway between the Adriatic coast and the Gran Sasso mountain range, offering residents and visitors stunning views and a rich historical heritage. The town's population is roughly 1,200 inhabitants, but only about 1,000 people currently reside in the historic district. This decline has led to a significant number of abandoned homes, many of which date back to medieval times and the Renaissance. According to Penne's mayor, Gilberto Petrucci, there are over 40 empty buildings in the historical center, all waiting for new owners.

The initiative to sell these homes for one euro is not just a financial move but a heartfelt effort to preserve the town's cultural and architectural legacy. Petrucci, who was born and raised in Penne, explains, "It just hurts me so much to see these houses just lying there abandoned. It’s like a wound." His mission is to revitalize the ancient heart of his hometown before it becomes a ghost town.

The One-Euro Homes Program

The one-euro homes program in Penne is unique in its approach and requirements. Unlike other similar programs, Penne does not require a deposit guarantee to secure a property. The only requirement is the buyer's commitment to renovate the home within three years. This lenient rule is designed to encourage and support those who wish to revive the ancient neighborhood.

The homes available for sale are mostly old, with some dating back to medieval times and others built in the early 1900s. They range from 750 to 1,300 square feet and can be up to three stories. These homes were once owned by local farming families who left in search of better opportunities, particularly after World War II and during the 1970s when there was a significant wave of emigration to the US, Belgium, and Venezuela.

Support for Buyers

Penne's program goes beyond just selling homes at a symbolic price. The town has established an agency to assist buyers throughout the renovation process. This team of architects and experts provides advice and support, helping to find builders and surveyors, and even showing buyers renderings of what their home will look like once renovated. According to Mayor Petrucci, the starting cost for a basic renovation of a small to medium-sized house is around 20,000 euros ($21,000).

If there is a high demand for the available homes, the properties will be sold to the person with the best and fastest renovation plan. For those not interested in planning extensive renovations, there are also turnkey homes on the market, as well as properties that require minimal work. Inhabitable houses start from 40,000 euros ($42,000).

Penne's Rich History and Culture

Penne's historical center is described by Mayor Petrucci as "an open-air museum" where the architecture is a mix of medieval, gothic, and Renaissance styles. The town boasts millennial roots, with the first traces of prehistoric settlements dating back to the Oschi, an Italic population that lived in the highlands for protection. Under Roman occupation, Penne was known as Pinna and was a vital point in the communication and goods exchange networks of the time.

Today, Penne's hilltop location offers easy access to both the Adriatic beaches and skiing slopes. The town hosts a yearly Palio, a picturesque horse race through the alleys, reminiscent of the more famous event in Siena, Tuscany. The surrounding countryside is known for its diverse agriculture, producing cereals like spelt, corn, barley, and durum wheat. Foodies will love the local extra virgin olive oil and wines, such as the rosé cerasuolo and white trebbiano d’Abruzzo. Traditional dishes include the pie-style timballo, maccheroni alla chitarra (a type of handmade pasta shaped like guitar strings), and savory arrosticini (grilled skewers of mutton and kidney).

A Growing Trend in Italy

Italy has become a hub for one-euro homes programs, particularly in the southern regions. Sicily is the epicenter of this movement, with towns like Mussomeli and Cammarata offering similar initiatives. Mussomeli has seen a significant influx of foreigners since launching its program, with Argentinian doctors filling local hospitals and some buyers purchasing multiple properties. Sambuca, another town in Sicily, also offers one-euro homes and recently put up another batch for sale.

These programs are not just about selling homes at a low price; they are about preserving Italy's rich cultural heritage and revitalizing communities that have been affected by depopulation. Penne's initiative stands out for its support for buyers and its commitment to preserving the town's historical center.

Penne's one-euro homes program offers a unique opportunity for those looking to buy a home at an incredibly low price while contributing to the revitalization of a historic town. The support provided by the town's agency, the lenient requirements, and the rich cultural heritage make Penne an attractive destination for potential buyers. As more towns in Italy follow suit, the one-euro homes movement is not just changing the real estate market but also preserving the country's architectural and cultural legacy. For those willing to take on the challenge of renovating an old home, Penne offers a chance to be part of a community that values history, culture, and sustainability.