Lauria: House for 1 euro in the mountains of Italy


It’s time to talk about the €1 house sale programs in Lauria (Basilicata), which became available in early 2024 and are likely to continue as new properties become available.

Before we dive in, I want to make a small confession:

Honestly, I rarely write reviews about such small programs as the €1 house program, because currently, buyers can only purchase two houses.

The €1 house in Lauria, Basilicata, 2024. Why did I decide to tell you about this?

The first reason is the connection to James Bond and his family’s ancestral estate, Skyfall, lost somewhere in the Scottish Highlands. Yes, that’s right, don’t be surprised.

This is a place where mountains, nature, and a special, secluded rhythm of life surround you. As a fan of this film, it seems to me that if such a place exists in Italy, it must be in Basilicata.

It’s no wonder that the surroundings of Lauria and Basilicata are a place where population density is one of the lowest in Italy, and nearby lie two stunningly vast national parks.

In them unfolds the unpredictable beauty of Maratea, the solemnity of walnut, chestnut, and beech forests in Tricarico or on the slopes of the great mountain (Kanichella, Piano Malerba), the brightness and healing properties of its waters (Lake Sirino, Latronico Thermal Baths, Cogliandrino Reservoir), the historical and architectural heritage (charming historical centers of Rivello, Lagonero, and Episcopia).

  • The second reason is the sea. Just a 30-minute drive away, and you find yourself on the beautiful coastline. If you head north along this coast, in a few hours you’ll reach the famous resort of Amalfi, which has regained popularity thanks to its beauty.
  • The third reason is the local cuisine and attractions. If James Bond’s ancestors, like true Scots, surely had to herd sheep and rely on their own strength, then in Lauria, you won’t encounter such problems.
  • Regarding the seafood cuisine and fresh seafood available just a half-hour drive away, I’ve already mentioned that – local products can be added.
  • For example, for an evening, you can purchase a bottle of Latto from https://www.cantinedelnotaio.it/, awarded the “Golden Medal” at the “China Wine and Spirits Awards 2023”, aged in barrels of French oak, or Vigneti del Vulture – exquisite wines produced on the volcanic soil and valued by connoisseurs of rare wines. Additionally, there’s olive oil produced nearby at https://terredellao.it/, and, for instance, local cheeses from Caseificio La Fattoria.

And all of this with breaks for excursions to historical and cultural sites, where there are very few tourists and plenty of nature.


Conditions and obligations for buyers when purchasing a house through the €1 program in Lauria

The fourth reason is the property itself. Let’s consider two houses and the conditions required to participate in the auction.

Applications to participate in the initiative can be submitted within 60 days from the date of publication of the property list included in the initiative.

The Municipality of Lauria will assess applications submitted by private individuals and select a buyer for each property within 30 days after the deadline for submitting applications.

The Municipality of Lauria will enter into a sales contract with the selected buyer within 30 days from the date of selecting the buyer.

Buyer’s obligations:

  • Enter into a sales contract with the private seller within 2 months from the date of formalizing the preliminary contract, a copy of which must be sent to the municipality.
  • Prepare and submit to the relevant department of the municipality a reconstruction and renovation project for the acquired property in accordance with current regulations and the intended use, no later than 3 months from the date of concluding the sales contract with the seller. (Important! Other municipalities usually allow 6 months for this.)
  • Start work no later than 2 months from the date of obtaining a building permit or other authorization document, and complete them no later than 3 years from the date of commencement of work, except in cases where the municipality allows an extension in accordance with D.P.R. 380/2001 and its subsequent amendments.
  • Enter into an insurance policy in favor of the Municipality of Lauria for €5,000.00, with a term of 3 years, extendable upon request of the municipality upon provision of an extension, as a guarantee of the actual implementation of the investment project and related works.
  • Link to the official website. In some countries, it may only open with a VPN:

[Link to the official website] : https://www.comune.lauria.pz.it/

The Municipality of Lauria has raised the stakes and tightened the requirements.

This allows us to assess the real estate market in Lauria outside the €1 house program and ask ourselves: is this deal worthwhile?

Why do we suggest this? Because we always advise:

Visit websites like idealista or immobiliare to check prices. Search for Lauria

As expected, there are over twenty properties in the range of €20,000 to €50,000.

But that’s not €1, you might say. And you’d be right, and here’s why:

For these two houses in Lauria, there were already over a hundred applications by early 2024. They will be awarded to the highest bidder, which could range from €1500 to €3000, just like in Salemi.

Then you’ll have to pay €5000 for the transfer of ownership at the notary and property registration. You’ll also need to add a deposit of €5000 for three years. So, you’ve already spent at least €12,000. Then you’ll need to draw up a reconstruction plan… How much will that cost? Then there’s the cost and delivery of materials, workers’ wages…

And here’s the main question: where will you live? You’ll probably have to rent additional accommodation, which is an additional expense.

So, we say:

Buy a €1 house only if you fully understand the situation. These books on Amazon can help you:

Learn how to buy affordable property in other regions.

Don’t tackle renovations if you don’t have support and language skills.

Buy a house only after you’ve seen it from the inside, and plan a trip to Italy to purchase it.

If you’re an investor, read this first.

Overall, I decided to write this review because of James Bond. He’s a professional, prepared, and knows what he’s doing. Good luck! Looking forward to your comments.

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