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City goes under the hammer with 3 euros for the house as a starting price – “We will sell for several years”

A town is auctioning off its houses in order to raise money and people to survive, so it sets a starting price of 3 euros for each house it sells. The medieval town of Sambuca di Sicilia with a population of about 5,500 is located in Sicily and was largely deserted in 1969 due to the 5.5 magnitude earthquake that occurred in the nearby Belice Valley. At the time, many locals left their homes permanently, with the Italian government passing a law granting the municipality ownership of the abandoned houses. Since then, various attempts have been made to revive the place, but to no avail, as the houses needed a lot of money to make them functional again. Specifically, a house of 80 sq.m. it would take from 30,000 euros, up to 200,000 euros to repair it. So in 2019, the municipality auctioned 16 houses with a starting price of 1 euro and about 5,000 euro advance payment from the prospective buyer to take part in the auction. Total turnover was 21.8 million […]
Source: News Beast

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