When we first heard about the 1 Euro house program in the Calanna commune, located in the Reggio Calabria region, we were genuinely astonished.
For those unfamiliar with Italian news, let alone news from this particular region, the reason behind this initiative may not be immediately clear. Allow us to shed some light on the matter briefly. Moreover, the story of Calanna fits perfectly into our recommendations on how to not only buy a 1 Euro house in Italy but also make a profitable investment.
The Key to Profitable Investment
Such a venture becomes possible only if, suddenly, property values in the region experience a sharp increase.
But, Can Such a Surge Really Happen?
You might say it’s unlikely, unless they discover gold there! And you would be partially correct. In our case, however, something else was found – a bridge connecting Sicily and Italy, the construction of which was approved by the government of Georgia Meloni. So, very soon, property in this region is expected to appreciate significantly due to the substantial changes in transportation and tourist flows. All that’s left for you is to take a close look at the village of Calanna – and indeed, at the entire centre of Reggio Calabria.
Calanna 1 Euro House in Reggio Calabria: What’s New in 2024?
The programme was announced towards the end of 2023, sparking news that property owners in Calanna could approach authorities to sell their dilapidated properties for a symbolic price of 1 euro. (Reminder: Italians still have to pay taxes for these ruins, even if they don’t reside in them.) Subsequently, the village authorities planned to collect these applications, conduct property audits, and then put them up for sale to buyers willing to purchase a house for 1 euro in Calanna. The competition itself was scheduled for the beginning of 2024.
And here’s where things get interesting, setting Calanna apart from other regions.
You might recall that municipalities of cities organising 1 Euro house programmes often burden buyers with expenses for all building amnesties (if there were illegal reconstructions) and sometimes even debt repayments. Calanna, however, stipulated that all houses participating in the 1 euro sale were free from such hidden costs, as well as not being subject to disputed co-ownership or encumbrances. This is crucial as various unpleasant situations have been encountered in practice.
Secondly, the amount of the deposit stands at just 2000 euros!!! Do you often come across this? Usually, it ranges from 4000 to 6000 euros.
Other buyer responsibilities look more or less standard, and that’s a good thing too:
- Enter into a public deed of property purchase within 3 months from the date of the buyer’s victory at the auction.
- Cover all expenses for the preparation of the transfer deed (notarial, registration, transfer, cadastral procedures, etc.); Usually, this amounts to 4000-6000 euros.
- Prepare a renovation and restoration project for the property, obtaining all necessary opinions, within 1 year from the purchase date.
- Commence works within 6 months from the date of building permit issuance; We discuss this and much more in our book.
- Enter into a fidelity insurance policy in favour of the Municipality of Calanna for the amount of 2000 euros, valid for three years, as a guarantee of the actual completion of the works. In case of failure by the buyer to fulfil obligations, the municipality has the right to either use the policy or acquire ownership of the property.
- The municipality will conduct control and verification of the correct execution of works, particularly concerning compliance with master plan norms and current legislation.
The nearest beach in Gallico Marina is only 10 km away, just a 15-minute drive by car.
The small town is nestled among rocky formations, earning it the nickname “Little Cappadocia.”
The third notable place is the Aspromonte National Park. This park receives excellent reviews. It is a unique natural and cultural destination that attracts mountain enthusiasts, nature lovers, aficionados of Italian culture, and hikers alike.
Now let’s talk about the 1 Euro houses in Calanna, its streets, and official website
It can be said that Calanna boasts very green streets with a nice view of the mountains. However, this area also has its drawbacks. The mountainous terrain implies difficulties with agriculture and the availability of land near the houses. While in other regions of Italy and Sicily, you could find houses with good land, here the soil is quite rocky and requires additional care.
Although if you simply want to plant flowers, that’s more than enough. Below is an example of one of the dilapidated houses in Calanna with land around it, which will likely also be included in the 1 Euro house program.
Overall, it can be said that Calanna has been greatly affected by depopulation because there are many houses that require intervention. But being a small town, the arrival of investors and the 1 Euro house program can change everything very quickly.
As of early February 2024, we haven’t seen all the houses that are being auctioned off for 1 Euro yet, but perhaps by the time you’re reading this article, everything has changed, and visiting the municipality’s official website will reveal more interesting offers.
Note! Some countries may require a VPN to access the official website.
We also recommend reading: “1 Euro House in Sicily” and “buying abandoned villas in italy” as an alternative to the 1 Euro house program. Enjoy reading. Write your comments – get acquainted for a joint trip to Colanna and buying a 1 Euro house. Visit Italy!