In 2019, the Sicilian village of Sambuca di Sicilia gained worldwide attention when it offered homes for sale at the symbolic price of €1. Similar initiatives became a popular way for rural towns to address the issue of negative migration and prevent the deterioration of abandoned buildings.
While similar initiatives failed elsewhere, Sambuca was flooded with requests from around the world. Buyers came from the United States and the Middle East, and the sales injected about €20M into the local economy.
Now, the Sicilian village is offering another round of homes for sale, but this time under slightly different terms and at a higher price. Ten houses are available for sale starting at €3, located in the ancient Saracen quarter of the town. The buildings, which were abandoned after an earthquake in 1969, are in a structural condition similar to those sold in previous rounds.
The offered properties are two- to three-bedroom homes, with an area of up to 80 square meters, made of honey-colored stone. The buildings have two or three floors, and some include balconies. Some of the homes boast internal courtyards with lemon trees and floors decorated with colorful Maiolica tiles.
However, there are a few "small print" details: The homes are sold at auction to the highest bidder, so the final price is expected to be significantly higher than the symbolic amount of €3—previously, most homes sold for prices ranging between €5,000 and €10,000.
Additionally, most of the properties require extensive renovation. New owners should expect to spend at least €30,000 for basic renovations, which can exceed €200,000 for a comprehensive renovation. Renovation work must be completed within three years of purchase, or buyers will lose the €5,000 deposit required during the bidding process.
The initiative has changed the face of the town: It has brought significant income to local contractors, architects, and designers, encouraged the opening of new tourism businesses and shops, and even co-working spaces were established to attract digital nomads. The project has also changed the demographic composition of the town, particularly with the arrival of many American buyers, so much so that the town has earned the nickname "Little America" due to the large community of foreign residents.
While the initiative has revitalized Sambuca, those seeking an authentic experience surrounded by local residents should consider looking elsewhere.