A small village in the southeast of France is currently selling homes for as little as €1. The initiative which has been carried out in several Italian towns typically aims to to rejuvente abandoned villages and saving lowering populations. Now, the beautiful French village, Ambert has taken on board the idea in effort to put a stop to its population of 6,500 from decreasing any more.
There is one particular area of the town, where the rate of vacant properties has hit 60%, which has lead to authorities putting to empty houses on the market at one euro each, equivalent to 86p. The scheme is part of a five-year plan to draw in new residents and transform the community.
It also involves renovation of the town’s historic chamber of commerce and industry building, set to reopen in 2026 as public space that will offer new jobs for the locals.
The rejuvention plan seems to be working, as a new class was added to Ambert’s school two years ago as a result of the growing enrolment.
While purchasing an €1 home sounds like a no-brainer, the scheme does come with a set of terms and conditions, including that second-hand buyers are not permitted to buying into the scheme.
Additionally, those who purchase a €1 property must live in it for at least three years once it has been made habitable, reports The Local.
If the owner fails to commit to the condition then they risk financial penalities, such as the repayment of any government grants given for refurbishment works.
Both the homes part of the scheme require a substantial amount of work done and potential buyers may be required to provide a written plan outlining the extent of the work and how long it will take to be completed.
Despite it sounding like a lot of obligations being involved, it might be worth it. According to The Mail, a Brit who bought a home in Italy for the same price revealed that he has hundreds of people desperate to rent it out.
George Laing, 32 bought a three-storey property in Mussomeli, Sicily, in December 2022. It was purchased under a renovation scheme set up by the council. After paying the admin fees, agency costs and energy certificates, the total price came to €5,000 (£4,300).
