Imagine owning property for the ridiculously low price of €1 only. It might sound like a scam, but it is an actual possibility, as this is not the first time a country or town has gone viral for selling property at this cost. This time around, all eyes are fixated on Saint-Amand-Montrond, a small farming and light industry town in France, located just a 40-minute drive away from the historical attraction of Bourges.
The town, which has a population of only 9,000 residents, is considerably small and is looking to invite more permanent residents into the area to grow its population. With this goal in mind, the €1 house featuring two stories, two bedrooms, a living room, a kitchen, and one and a half bathrooms has been put up for grabs. The house in the city center in a pleasant neighborhood has easy access to numerous amenities such as shops, schools, sports facilities and the town’s major hospital.
The Catch
As expected, no house would be up for sale for just €1 without a catch. If you are looking to be the newest homeowner for this 828-square-foot house with a garage and courtyard, here are the fine print areas you must be aware of first.
- The property is up for sale to only permanent resident applicants and not anyone looking for a holiday home, as the new owner will be required to live in the house for at least a decade. Additionally, for UK citizens who hold a British passport but no visa, you must sort out your visa before being eligible to apply to own the property.
- The €1 house has not been occupied for the past 12 years and is in a dilapidated state. Renovations will need to be carried out first before the occupation, and the estimated cost may amount to €127,800, which is equivalent to approximately £109,000 or 136,180 USD. However, according to the urban planning deputy François Blondieau, the town will offer significant renovation cost subsidies to the new owner.
- Renovations on the property must commence within five months of the deed’s signing and be completed by July 2028. Additionally, the new homeowner must employ local craftsmen to undertake the renovations.
The Application Process
Having paid attention to the fine print of owning this €1 house, you can go ahead and try your luck at winning the house by following these three simple steps:
- Visit the official application website here and download the application form.
- Fill out and attach all the requested information, including your renovation plan documents and financing plan for the renovations.
- Submit your application and cross your fingers.
Saint-Amand-Montrond officially opened the application process on 1st April and will continue accepting applications until June 15. Either before or after submitting your application, you are free to visit the house up for winning as of May 15.
The town hopes to announce the new homeowner from the numerous applications expected to be received by September 2024. It’s safe to say that the successful applicant will experience joy quite similar to winning in a high roller online casino. The town’s urban planning deputy, François Blondieau, is confident that the deeds to the property will be signed by January 2025 and that everything else will go according to plan, as this is not the first time the town has embarked on such an intervention.
In 2021, the town put up their first €1 house for sale. The town received over 90 applications for the bid and eventually, one lucky family won ownership of the property. Currently, renovations on the property are ongoing and are on track to be completed by 2025, hence the decision to embark on the process of selling another €1 house.
Other Alternatives for Cheap European Homes
If settling in Saint-Amand-Montrond is not what you had in mind but are still open to relocating to win a cheap home in Europe, you still have other options:
- Legrad, a small scenic town in northern Croatia, has a new batch of houses ready for sale at only 13 cents as of January 2024. The town of only 2,000 residents has had this initiative since 2018 in a bid to increase its population. To be eligible for a 13-cent house in the town, you must be a first-time owner, under the age of 45, with no criminal record, be married or involved in an extramarital partnership.
- Italy has had several €1 house initiatives running for years across different towns such as Pratola Pelinga, Taranto, Pettineo, Sambuca di Sicilia, and Sant’Elia a Pianisi. Italy’s main goal has been to redevelop abandoned buildings through this system and improve the housing situation in these towns.
For Saint-Amand-Montrond, beyond attracting a new resident, the town hopes that this €1 house system will go a long way toward reinvigorating its city center, reducing the number of vacant and abandoned houses, and mostly encouraging the renovation of old properties.