When property prices have increased tenfold across the world making it impossible for new home buyers to purchase a house of their own, a tiny village in Italy named Zungoli, is selling houses as cheap as €1 in a bid to revitalize their dwindling communities. Zungoli is a tiny rural village, shaped like a snail in the Campania region near Naples and the Amalfi Coast.
The village is located on top of sandstone hill and has caves in zig-zag shapes and circular alleys connected by uneven cobblestone steps, which makes it look like a stunning and beautiful fortress.
While hundreds of homes are up for sale for just €1, the houses are old and need renovation. Without renovation, it's simply impossible to move in. The authorities have tied-up with home renovation firms, to help set up the house into good condition after customers purchase the property in the village.
The Mayor of Zungoli has set rules, to purchase a home buyer requires to pay a €2000 security deposit at first and should commit to renovating the property. The refurbishing work must start in a few months after purchasing the property and once the house is repaired to a livable condition, the €2000 security deposit will be refunded.
Zungoli, is a dying village with no population and the Mayor is betting on offering homes at a cheaper rate to boost the population and livelihood in the village.
Paolo Caruso, The Mayor of Zungoli, said to CNN, "I've created a special task force of young volunteers who assist buyers, liaising with convenient construction firms for the restyle. Transparency is key but people must really come to see for themselves the beauty of the place, taste the great food and breathe the fresh healthy air." A localite named Caruso said to CNN that people in the village are thrilled and welcoming newcomers to make Zungoli their home.