FTAM (Ind) Pvt. Ltd. (FISTIP2GPD) - Free Professional Portfolio Management

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But while some towns have struggled to find buyers for their abandoned buildings, others have been basking in the glory of successful sales.

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“We just want to make it clear that by numbering these batches, more sales will likely follow in coming years,” newly elected mayor Giuseppe Cacioppo tells 【 - Free Professional Portfolio Management 】. “Foreigners are flocking to buy our homes, it’s been a hit so far.”

Cacioppo encourages potential buyers who are heading to the region to pay the town a visit and check out the 12 or so homes up for grabs this time.

“The timing is perfect,” he says. “Tourists and interested buyers currently traveling to Italy, and those planning a trip in spring and summer can come take a look.”

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“The two batches of houses, owned by the town hall, revitalized the private real estate sector. People rushing to grab one at auction but didn’t make the final cut bought a cheap house instead. So far, 250 homes have been sold,” says Cacioppo.

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Other depopulated Italian towns, such asmedieval village Patrica, located south of Rome, have attempted to launch similar schemes, but struggled to track down the former owners to gain permission to sell their empty homes.

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“Rome’s government back then approved a specific law for Sambuca’s revival that granted the town hall ownership of the abandoned homes, so we can dispose of these as we wish, and there are no middle agencies,” says Cacioppo.

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But most are badly in need of repair and filled with forgotten items and piles of broken, dusty furniture.

Depending on the condition of the property, restyles usually start at €30,000 (around $32,500) for a simple makeover, but can rise to over €200,000 (roughly ($217,000) if buyers plan to turn the house into a luxury retreat.

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Foreigners may have been a rare sight here before 2019, but they’ve become part of the landscape now, jokes Cacioppo, with a significant expat community now calling Sambuca home.

Last year, the town hall opened remote-working spaces to lure global digital workers, offering free stays and strengthening its Wi-Fi connection throughout the narrow alleys.

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If they lose the bid, the sum will immediately be returned to them. But if they win, the 5,000 euros will automatically become their deposit guarantee.

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However, the town hall has so far been flexible on deadlines due to the pandemic, allowing more time to complete the works during and after the Covid-19 pandemic.

In the previous sales, houses were eventually sold at prices between 1 and 25,000 euros (roughly $27,133,) with most going for between 5,000 euros (around $5,426) to 10,000 euros.

Interested applicants can find photos and descriptions of the available homes, along with application forms, on the town hall’sofficial website.

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