Taranto in Italy's deep south becomes first city to offer homes for €1 after success of hill town initiative
The trail was blazed by hill-towns and villages across the country but now, for the first time, an Italian city is offering its abandoned palazzi for the nominal sum of €1 (85p).
Taranto, in the deep south of Italy, hopes to breathe new life into its picturesque but dilapidated old town, which sits on an island squeezed between a lagoon and the open sea.
It has taken the lead from the dozens of small villages, from Sicily to the Alps, that are attempting to stem the effects of depopulation by flogging off homes for the price of an espresso.
Back in the 19th century the island had a population of around 40,000 but years of neglect mean it has now dipped to less than 3,000.
Prospective buyers will find no shortage of historical attractions in the tightly-packed streets of the historic centre, from an Aragonese castle to a cathedral that dates back to the 10th century.
Nearby there are sandy beaches and a nature reserve that is home to flamingos.
The city council plans to start by offering five properties for sale, with the hope that if the scheme is a success, the project will be expanded.
“We’re drawing up a list of the council’s property assets,” Francesca Viggiano, the council officer in charge of heritage, told a local newspaper.
“We’re aiming to take measures which will result in the repopulation and development of the Old City. We want to attract investment that will resuscitate the historic centre.”
There have already been inquiries from New York, as well as closer to home – Milan and Rome.
Sergio Rubini, a film director who set one of his films in the old town, said: “It is the heart of Taranto and without its heart, a place can no longer exist. Historical centres represent the historical memories of a city.”
A list of the properties for sale on the island, which is connected to the mainland by two bridges, is to be drawn up in the next few days.
New owners will be expected to foot the bill of restoring the properties, a cost which could amount to hundreds of thousands of euros.
They will have to present a restoration plan within two months of taking ownership of the building.
They will also be required to occupy the properties, a condition which is designed to stop speculators doing them up and selling them on at a profit.
The planned regeneration of the old town is also an attempt to try to change the image of Taranto, which in most Italians’ minds means only one thing – the presence of a huge steel plant that has been the subject of controversy for years.
Italy has struggled for years to bring the Ilva steel works up to acceptable environmental standards and toxic emissions from the site are blamed for poisoning local people.
There are plans to curb the worst of the pollution by 2024 but it will require investment.
For now, there is no question of closing it down – the steel plant employs more than 8,000 people in a city with high unemployment.
In November ArcelorMittal, the Indian steelmaker, pulled out of a deal to buy the plant, but negotiations are back on with the government.
The idea of acquiring a home – and possibly a new life - in Italy for €1 has proved so alluring that there are now websites listing the villages and hill towns which have signed up to the initiative.
The idea was pioneered by the hill-top town of Gangi in Sicily back in 2011, where the mayor says more than 150 buildings have been restored and the arrival of newcomers has pumped fresh life into the place.
Some villages have gone a step further, offering not only dirt-cheap houses but also baby bonuses for young couples who settle and have children.
