Taranto becomes the first Italian city to sell houses for €1

The seaside city is now selling abandoned palazzi and historic properties for €1, as part of a bid to improve its image.

Local authorities hope the scheme will help breathe new life into the picturesque but delapitated historic area, which is located on an island between the sea and a lagoon.

“We’re aiming to take measures which will result in the repopulation and development of the old city,” council official Francesca Viggiano told Italian daily Il Corriere della Sera.

Viggiano added that buyers from New York, Milan and Rome had already expressed their interest.

The goal is to bring 25,000 residents to the historic centre.

Back in the 19^th century, the island had a population of around 40,000; after years of neglect, the population has dropped drastically to less than 3000.

The council said it plans to kick off the initiative by offering five properties up for sale at the dirt-cheap price, and the aim is to list more if these properties sell.

But not everyone believes the scheme will be a success.

Il Corriere della Sera described the historic centre as “a set of narrow alleys with dangerous houses”.

Many people reportedly left the area due to the poor condition of the streets and buildings, particularly after 1975, when a building collapsed killing an entire family.

Today, the city is synonymous with Ilva, a controversial, heavily-polluting steel plant.

But Viggiano said the new initiative is “the nucleus from which Taranto must be reborn”.

“We no longer want the city to be associated only with Ilva,” she added.

As with similar schemes across the country, the bargain properties on offer in Taranto come with terms and conditions.

Buyers will be expected to foot the bill of restoring the properties, which could cost up to hundreds of thousands of euros depending on their current state.

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.

In addition to the initiative, the Italian government recently allocated €90 million for improvements to Taranto’s historic centre, including to water and sewage infrastructure, as well as the reconstruction of the waterfront.