A French village grappling with a declining population has joined the likes of several small Italian towns by offering vacant houses to first home buyers for €1.
It comes as a similar case in small Italian towns made headlines over the past couple of years as residents left their regional communities to chase metropolitan jobs.
Southeast French village, Ambert, has adopted the scheme in the hopes of stifling its dwindling population which currently sits at a meagre 6,500 people.
It comes as part of the town’s five-year plan to attract new residents and transform the community with one area of the town experiencing up to 60 per cent property vacancy rates.
Ambert is looking to boost its population by selling properties for €1
WIKIMEDIA COMMONS
Authorities have since put two vacant homes on the market for just €1 – the equivalent of 85p.
And the project appears to have shown some sign of success over the past couple of years after growing enrolment saw a new class added to Ambert’s school.
As appealing as the scheme sounds, the offer does come with its challenges.
The €1 price is an absolute bargain; however, it may be somewhat misleading with buyers expected to invest significantly in renovations with homes requiring extensive work.
LATEST DEVELOPMENTS:
- Britons can snap up houses in Italy for just €1 - what you need to consider before buying abroad
- Italian village seeks to exploit upset liberal Americans whinging about Trump as it launched '€1 houses' deal
- An expat who couldn't afford a home moves to beautiful Italian island and buys property for £50,000
Ambert currently has a population of 6,500 people
WIKIMEDIA COMMONS
They must also meet strict requirements to get their hands on the keys to the property.
Second-home buyers aren’t eligible and according to French outlet The Local, those purchasing the homes must commit to living in the property full-time for at least three years once it’s been made habitable.
Those who don’t, risk financial penalties which include repaying any government grants used for refurbishing the properties.
Potential buyers may also be required to devise a plan on what work must be done and how long it would take.
While the challenges may seem overwhelming, the town itself is undergoing renovations with its historic chamber of commerce and industry building expected to reopen by next year.
That could generate new jobs for residents and rejuvenate the town.
Those willing to take on the difficult project could find themselves in a similar position to 32-year-old British man, George Laing, who bought a house in Italy for staggering €1 price in 2022.
Laing claimed that hundreds of people want to rent his three-storey property in Mussomeli, Sicily.
He added that once he had everything finalised, the ultimate purchase price came to roughly £4,300.
Most Read
