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An Italian village is selling homes for $1.25 so it doesn't become a ghost town


Small towns like Gary, Indiana and larger metros like Indianapolis, Indiana and Detroit, Michigan, have listed certain homes for $1 or even for free. It's unclear if the tactic will work in Ollolai, but Arbau is optimistic. "Pride in our past is our ...


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Tech Finance Politics Strategy Life All Tech Finance Politics Strategy Life All (function() { 'use strict'; // Notify the DFP code that a new ad has just been rendered amplify.publish('adRender'); }()); × From To You have successfully emailed the post. × An Italian village is selling homes for $1.25 so it doesn't become a ghost town Leanna Garfield Jan31, 2018, 1:15 PM 54,583 facebook linkedin twitter email print Ollolai, Sardinia, Italy. Michele Columbu The Italian town of Ollolai is selling 200 homes for €1 ($1.25) in an effort to lure new residents. The village's population has declined significantly in the last 50 years. New owners must renovate the homes within three years, which will cost approximately $25,000. Ollolai's mayor hopes that the strategy will help preserve the town's traditions. On the Mediterranean island of Sardinia, the old village of Ollolai is at risk of turning into a ghost town. Over the past half-century, the town's population has declined from 2,250 people to just 1,300And now, there are hundreds of abandoned homes. In an effort to lure new residents, Ollolai's government is selling 200 of these homes for $1.25 eachAccording to CNN, the village has already sold three houses, and more than 100 people from across the world have expressed interest. But there's also a catchAs part of the deal, the new owners must pay to renovate their homes within three years, which is expected to cost around $25,000. An abandoned home in Ollolai, Sardinia, Italy. Courtesy of Ollolai comune proloco The village's mayor, Efisio Arbau, says the goal is to preserve Ollolai's culture. "We boast prehistoric origins," he told CNN"My crusade is to rescue our unique traditions from falling into oblivion." A festival in Ollolai, Sardinia, Italy. Wikipedia Commons This isn't the first time an Italian town has offered homes for so littleAs Business Insider previously reported, the Sicilian town of Gangi started selling vacant homes for €1 in 2015. Gangi and Ollolai shared the same condition: Owners needed to present plans for renovation within the first year, and fix up their houses within three. Some US cities have tried similar strategies to attract new residentsSmall towns like Gary, Indiana and larger metros like Indianapolis, Indiana and Detroit, Michigan, have listed certain homes for $1 or even for free. It's unclear if the tactic will work in Ollolai, but Arbau is optimistic. "Pride in our past is our strength," he said. "We've always been tough people and won't allow our town to die." SEE ALSO: This woman visited the Italian town that's giving away free homes — and discovered an expensive surprise NOW WATCH: What it's like to pretend to live on Mars for 8 months More: BI Innovation Cities Housing Italy free homes facebook linkedin twitter email print --> window._taboola = window._taboola || []; _taboola.push({mode:'thumbs-1r', container:'taboola-below-main-column', placement:'below-main-column'}); Recommended For You Powered by Sailthru An Italian village is selling homes for $1.25 so it doesn't become a ghost town An Italian village is selling homes for $1.25 so it doesn't become a ghost town The Italian town of Ollolai is selling 200... Recommended For You (function() { 'use strict'; // Notify the DFP code that a new ad has just been rendered amplify.publish('adRender'); }()); Disclaimer window._taboola = window._taboola || []; _taboola.push({mode: 'organic-thumbnails-e', container: 'taboola-right-rail-thumbnails', placement: 'Right Rail Thumbnails', target_type: 'video'}); (function() { 'use strict'; // Notify the DFP code that a new ad has just been rendered amplify.publish('); }()); window._taboola = window._taboola || []; _taboola.push({mode: 'ab_thumbnails-a_2x1', container: 'taboola-right-rail-thumbnails-2', placement: 'Right Rail Thumbnails 2nd', target_type: 'video'}); BI.dianomi.setConfigKey(true); BI.dianomi.init('US'); Featured Microsoft has pledged $1 million to solve a problem most people don't realize exists More "Better Capitalism" » Puerto Rico is taking a big step toward revamping how it gets power — and it could be a model for the rest of the US More "Tech After Tomorrow" » (function() { 'use strict'; // Notify the DFP code that a new ad has just been rendered amplify.publish('adRender'); }()); Tech Insider Emails & Alerts Get the best of Business Insider delivered to your inbox every day. Sign-Up Get the Slide Deck from Henry Blodget's IGNITION Presentation on the Future of Media amplify.publish('editorial-sidebar-loaded', 'editorial2'); Find A Job Tech Jobs C-Level Jobs Media Jobs Design Jobs Finance Jobs Sales Jobs See All Jobs » (function() { 'use strict'; // Notify the DFP code that a new ad has just been rendered amplify.publish('); }());

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