You heard that right - you can get a home or apply to get one in a little Italian town for a single Euro which translates to less than Dh5.
What's the catch? Nothing that you probably wouldn't do anyway.
Ollolai is an Italian town on the verge of becoming a 'ghost town' due to diminishing population. The town's mayor, like mayors of a few other towns in the country, offered up 200 homes for one Euro each.
The caveat is simple - commit to refurbishing the stone-built house within three years at a renovation cost that is estimated to be around US$25,000 or around Dh92,000.
How can you apply?
1. Go to Ollolai's official website
2. Search for the “Case a 1 euro” application form on the right side of the page and download it. This is only available in Italian.
3. Fill in your personal details and add your signature and date, to send back to protocollo.ollolai@pec.it. Also, attach a photocopy of your passport.
4. You will be put in a waiting list and as new housing units become available, each applicant may be contacted by the town hall in chronological order. The applicant will then be invited to see the property.
5. If you’re buying, you might be asked for a refundable deposit of 1,000 Euros (Dh4,600) as guarantee that you will restore the property within three years.
6. Renovation should begin within the year of purchase
The deadline for applying is 7 February 2018.
