Showing posts with label buy a house in italy for $15 000. Show all posts

Tuesday, January 16, 2018

Properties for sale in M - laga

229 properties for sale in Málaga

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Check out our fabulous selection of property in Málaga. View our properties in the capital of the Costa del Sol below or narrow down your search by selecting the property type, price range and number of bedrooms and bathrooms that suits you! VIVA have been selling homes in Málaga for 17 years so why not contact us today or view our other property galleries here: reduced properties for sale and latest properties for sale.

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€84,000 • Studio in Málaga

Built 42m² • 0 Beds • 1 Baths • Terraces N/A

Cosy studio located just a ten minute walk away from Malaga’s historic centre. South east facing and constructed in 2005, this apartment has excellent rental potential and situated within a well presented community with a.

€100,000 • Apartment in Centro, Málaga Reduced Price

Built m² • 3 Beds • 1 Baths • Terraces N/A

Originally listed for 112.800 € recently reduced to 100.000 €, apartment in the North Perchel area, next to the Civil Hospital only 15 minutes walk from Calle Larios. Building from the 80´s with two floors, without elevator.

€102,200 • Apartment in Centro, Málaga Reduced Price

Built 60m² • 3 Beds • 1 Baths • Terraces 24m²

Originally listed for 122,400€, recently reduced to 102,200€. Magnificent investment, in the financial area of ??the city. It has three bedrooms, a bathroom, living-dining room, equipped kitchen and terrace. Distributed in.

€120,000 • Apartment in Este, Málaga

Built 24m² • 1 Beds • 1 Baths • Terraces N/A

Apartment located next to El Mercado de Salamanca. It has 24 meters built + kitchen / patio. Distributed in living room, bedroom, bathroom and kitchen. In the sale price, storage room is included (on the ground floor). South.

€125,000 • Apartment in Norte, Málaga

Built 101m² • 3 Beds • 1 Baths • Terraces 10m²

Nice and spacious apartment in a building with elevator located in Ciudad Jardín. The property has 101.68 m2 built area, distributed in 3 bedrooms, 1 bathroom with window for better ventilation, the property is located on a.

€127,730 • Apartment in Norte, Málaga

Built 65m² • 2 Beds • 1 Baths • Terraces 7m²

. IDEAL INVESTMENT 2 BEDROOM APARTMENT . Magnificent house located in a quiet area and only 15 minutes from the center of Malaga. With all all amneties in the area as well as several schools, El Ejido University, Music.

€136,250 • Plot in Málaga

Built m² • 0 Beds • 0 Baths • Terraces N/A

Plot located in the area of Goleta - San Felipe Neri, near Carreterías and Ollerías. A few meters from theaters and museums; Surrounded by all services. The land has an area of 97 m2, where you could build a building of two.

€149,000 • Apartment in Málaga Reduced Price

Built 65m² • 2 Beds • 1 Baths • Terraces N/A

Originally listed for 160.000 € and recently reduced to 149.000 €, nice semi new apartment located near the city center. Everything at hand: schools, colleges, hospitals, shops, restaurants, sports facilities. Very well.

€150,000 • Apartment in Málaga

Built 56m² • 1 Beds • 1 Baths • Terraces 4m²

MALAGA (ZONE LOS ALAMOS-PARADOR DEL GOLF) For sale a 60m2 apartement on a first floor without elevator, consists of lounge dining room with fitted American kitchen, 1 double bedroom, 1 bathroom, 1 terrace facing the sea and a.

€152,250 • Apartment in Málaga

Built 56m² • 2 Beds • 1 Baths • Terraces 8m²

MALAGA Sold FLOOR wide, central area. Comprising: 2 bedrooms, one has 1 cupboard, the second has a balcony or terrace overlooking the courtyard is quite clear to be a low rise building only has 2 floors, bathroom, kitchen with.

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Wednesday, January 10, 2018

Housing Malaga, property in Malaga

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Housing in Malaga

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Saturday, January 6, 2018

Can You Buy a House With Bad Credit?

Buying a Home With Bad Credit

How to Get a Loan With Bad Credit After Foreclosure or Bankruptcy

Put your fears about buying a home with bad credit aside. Just because you have bad credit or filed bankruptcy or gone through a foreclosure does not mean you cannot buy a home. You most certainly can buy a home with bad credit. But you're going to pay more than a borrower who has sparkling credit.

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Many potential buyers think they can't buy a house if their credit has tanked, but that's not necessarily true.

There is hope for those who really want to buy a house, even if their credit is dismal. Let's look at how.

The Bad Credit Waiting Period After Foreclosure/Bankruptcy

The period between bankruptcy filings is about seven years, but the ding to your credit report stays for 10 years, which results in bad credit.

For better rates with a conforming loan, the wait is four years after filing bankruptcy or a short sale.

FHA guidelines are two years after a foreclosure, which means you could qualify for as little as 3.5% down. Three years with bad credit after a short sale. These guidelines allow for one year after a "qualifying" short sale but lender overlays reject this notion.

Hard-money lenders will often make loans six months after filing bankruptcy or a foreclosure, but may a require 20% to 35% down payment due to the bad credit. The interest rate will be very high and the loan terms are not as favorable; many will contain prepayment penalties and be adjustable.

Subprime lenders (not to be confused with hard-money lenders) rarely make 100% financed loans, even for bad credit.

How to Improve Your Bad Credit to Get a Conforming Loan

Even though you might think your bad credit disqualifies you from buying a home, that presumption is probably wrong. Don't write off your chances to buy a home with bad credit just because you believe this fallacy.

Talk to a mortgage broker who specializes in helping borrowers with bad credit to buy a home.

Obtain a major credit card. It's easier to get than you would think after a bankruptcy, for three reasons: a bankruptcy filing gives you a "fresh start", the lender knows you have no debt and you cannot file bankruptcy again for roughly another 7 years.

Show steady employment on the job for one to two years.

Earn a regular salary or wage (this does not apply to self-employment).

Save a down payment of at least 10%.

Avoid late payments and continue to pay your bills on time; do not fall behind.

How FICO Scores Affect Interest Rates When Buying a Home With Bad Credit

I spoke to Evelyne Jamet at Vitek Mortgage about the differences among FICO scores and how that relates to the interest rate borrowers are charged. The following numbers are in comparison to the interest rate a borrower with a 600 FICO score would pay who did not file bankruptcy or lost a previous home to foreclosure. This scenario assumes the borrower with bad credit is putting down 10% of the purchase price in cash and met the seasoning requirements above.

FICO Score of 600 to 640: + 1.625% over prevailing rate. This means if a borrower with good credit is paying 5.875%, your interest rate would be 7.5%.

A $200,000 amortized loan at 7.5% would give you a monthly payment of $1,398.

FICO Score of 560 to 580: +2.875% over prevailing rate. This means if a borrower with good credit is paying 5.875%, your interest rate would be 8.75%.

A $200,000 amortized loan at 8.75% would give you a monthly payment of $1,573.

A $200,000 amortized loan at 9.3% would give you a monthly payment of $1,653.

A $200,000 amortized loan at 9.75% would give you a monthly payment of $1,718.

A $200,000 amortized loan at 12% would give you a monthly payment of $2,057.

Comparing Identical FICOs Against Borrowers With No Foreclosure or Bankruptcy

A borrower without a bankruptcy or foreclosure with a 600 FICO would receive an interest rate of 5.875% (based on the above) and pay a monthly payment of $1183 on a $200,000 amortized loan. You can see that filing bankruptcy or having a foreclosure on your record, even with a FICO score of 600, results in an increase in a mortgage payment of $215 over that of a borrower without a bankruptcy or foreclosure. However, that difference in payment will let you buy a home.

Alternative to Bank-Financing for Bad Credit

Borrowers who are not satisfied with the rate offered by a conforming lender might want to look at buying a home with seller financing. Land contracts offer a viable alternative. Typically, seller financing offers:

You will want to check with your lender every year or so to find out if you qualify for a refinance at a lower rate.

DISCLOSURE: Vitek Mortgage is a preferred vendor for my employing brokerage and enjoys an affiliated relationship with Lyon Real Estate. Evelyne Jamet handles loans only in New Mexico, Colorado, and California and suggests borrowers with bad credit contact a local FHA mortgage broker.

At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

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Friday, January 5, 2018

We Buy Houses Vancouver WA, Cash Home Buyer in Washington

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Thursday, January 4, 2018

Buying a Germany property, Housing, Expatica Germany

Buying a Germany property

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From finding a house in Germany to signing the contract, we take you through the process of buying a home in Germany.

While most countries swing strongly in favour of either renting or buying your home, the options are balanced in Germany, with just around half the population owning their own homes, one of the lowest rates in Europe. Average purchase prices for a property in Germany are relatively low for central Europe at EUR 1,500–2,500 per square metre. The average price for a 30 square metre property (a small apartment) is EUR 60,000, while a 100 square metre apartment averages around EUR 250,000. Prices are typically up to 50 percent higher in the major cities, such as Berlin, and Munich is the most expensive city in Germany.

House prices and rents have risen dramatically in Germany in the last decade, with rents rising 15 percent between 2008 and 2013 and house prices rising 23 percent in the same period. German property has been seen as a stable, reliable investment by both local and overseas investors, and the market has been largely resilient in the wake of the 2008 financial crisis and even showing signs of a housing boom as a result.

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Although property prices have traditionally been relatively stable in Germany, popular urban neighbourhoods are showing signs of growth; in 2016, the most expensive German property sold was in Berlin's central Mitte district at EUR 19,018 per sqm, beating Hamburg's record of EUR 19,000 per sqm.

There are no restrictions to foreigners buying property in Germany. You may buy property in Germany even if you are a non-resident and not an EU national.

How to find a German property

Properties may be sold either privately or through an estate agent (Immobilienmakler). In either case, the onus is usually on the buyer to find a property they are interested in and then approach the owner or their agent. This also means that estate agents are usually paid by the seller, but this is not always the case. As agents' fees are typically 3–7 percent of the purchase price, it's important to check who is paying them. You can find an estate agent through their national organisation, the IVD.

Choosing a property

Germans typically expect to buy a property and live in it for an extended period, or for life, so take time making the decision. Turnover in attractive areas can be low, so it's best to give yourself a year or more to find and buy the perfect home.

Buying a property in Germany

Expect to spend a significant period house hunting, but once you've found a property it can take just over a month to complete the deal. The steps are typically as follows:

Investigate mortgages and get an offer in principle.

Find a suitable property.

Make an offer.

The notary (notar) will draw up the sale contract.

Finalise the mortgage.

Sign the contract.

Notary registers the sale.

Four weeks later, you must pay the property sale tax.

It's important to note that signing the contract isn't enough to transfer the property. The property must also be registered, which the notary will do. At this point, the government will check that there are no outstanding issues regarding the sale. The notary will already have made a check, so this rarely raises an issue, but if it does, the property transfer will not be complete until the knots are untangled. For this reason, many people choose to use the notary as an escrow. In this case, the sale price is transferred to the notary's account (notaranderkonto) before being released to the seller.

You are legally required to use a public notary (notar) to complete the sale of a property. The notary will act as a middleman or arbitrator, and should be impartial.

You should expect to put down a significant deposit when you buy a home in Germany. A minimum deposit of 20 percent is standard, however expats have been asked by lenders for deposits of 40 percent as they are seen as higher risk. You may also be asked to provide evidence of regular savings over the last several years.

When buying a property in Germany, you can expect to pay most of the costs. Typically, the seller will pay the estate agent, however if you have used a buyer's agent or the agent splits their fee, the buyer may still have to pay this cost.

Property transfer tax (grunderwerbssteue) of 3.5–6.5 percent;

Notary's fees 1.2–1.5 percent;

Registration fees 0.8–1.2 percent;

Estate agent's fees, if shared, of 1.5–3 percent, plus VAT at 19 percent.

Apart from the estate agent's fees, costs are typically fixed by regional governments. They vary somewhat across Germany, hence the ranges shown above.

Contracts are in German and signed in the presence of a notary. You should ensure you fully understand the contract before signing, and bring an interpreter with you if necessary. You have the right to have a translator with you, but you will have to supply (and pay) them yourself. In some areas, you may be able to find a notary who is bilingual.

As you will be arranging financing for the property at the same time as you are arranging the sale, it's important to include an exit clause in the sale agreement that gives you a way out if you can't arrange a mortgage.

Selling a property in Germany

It's important to consider how you will dispose of your property, particularly if you anticipate a sudden relocation. As most of the costs of the transaction are paid by the buyer, selling a property in Germany is relatively cheap. However, once the property is sold, you will have to pay capital gains tax of 25 percent if you have owned the property for less than 10 years. In addition, properties can be slow to move, unless you've managed to choose a particularly popular area, and this may tie up a significant amount of your capital. However, the rental market is strong and you are allowed to own property in Germany even if you are a non-national non-resident, so you may be able to continue to profit from your investment long after you leave the area.

Find a house in Germany using Expatica's housing search.

Need advice? Post your question on Expatica's free Ask the Expert service to see if we can help.

Comment here on the article, or if you have a suggestion to improve this article, please click here.

If you believe any of the information on this page is incorrect or out-of-date, please let us know. Expatica makes every effort to ensure its articles are as comprehensive, accurate and up-to-date as possible, but we're also grateful for any help! (If you want to contact Expatica for any other reason, please follow the instructions on this website's contact page.)

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3 Comments To This Article

Peter posted:

Can anyone tell me what documents I need to bring with me to buy a home in Germany? I'm from the USA and I will be flying to Germany within 2 or 3 months and I can't find an answer to this question. I would expect the Passport to be required maybe, but what else?

[Moderator's note: You can also post questions on Ask the Expert service]

James posted:

Paul posted:

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Wednesday, January 3, 2018

How Do I Buy a House With No Down Payment and Bad Credit, Home Guides, SF Gate

How Do I Buy a House With No Down Payment and Bad Credit?

Homeownership is still possible with poor credit.

Don't rule out homeownership because you don't have a down payment and are dealing with bad credit. Programs exist for buyers who are working toward rebuilding their credit and buying a new home. The terms might not be ideal, though, and you may pay higher interest rates and premium mortgage insurance as a result.

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Factors Affecting Loan Underwriting

Lenders look at debt, income, creditworthiness and home value when deciding whether to give you a loan. Even when your credit is bad, you can demonstrate that your financial situation is improving.

Pull your credit report from a credit reporting agency and review it for errors. Successfully disputing errors improves your score. Additionally, look for credit debt you can eliminate such as newer credit cards. Pay them off and cancel them, reducing the overall credit accessibility. Older credit cards hold more weight in your credit score, so don't get rid of everything. Speak to a lender or credit counselor and develop a plan if you aren't sure where to start.

You may also consider a co-signer to guarantee the loan. A co-signer should have strong credit with enough income or assets to cover the debt if you default.

Veterans Affairs Loans

VA loans are federally insured loans available to existing servicemembers, veterans and surviving spouses. These loans cover up to 100 percent of the home purchase price. VA loans don't have specific credit score limits, but they require a debt-to-income (DTI) ratio of 41 percent or better. This means your debt with the loan can not exceed 41 percent of your monthly income. Credit scores are lender-determined to establish rates. Loans may have limits based on entitlement, which is determined by years of service.

U.S. Department of Agriculture Loans

The USDA has a program for homes in rural agriculture zones that qualify for zero down payment financing. For these loans, buyers must intend to live in the home. There are income guidelines for eligibility: Your income must be less than 115 percent of the region's median income ranges. The DTI ratio on USDA loans is 29 percent front-end, meaning before the mortgage is added in and 41 percent back-end, after the mortgage is included.

Federal Housing Administration Loans

An FHA loan is typically thought of as a minimum down payment loan, asking as little as 3.5 percent down. For some, even this is more than they can afford. If you don't have the downpayment but feel you meet all other standards, talk to your realtor about structuring the home purchase with the sellers giving you credit for the down payment. This means you need no money down, and the seller may move a property that was sitting idle on the market. Sellers' credits are capped at 6 percent, so you might have to make some concessions in other areas. Discuss it all with your realtor.

Look for a Grant

Look and you might find a grant to assist with the down payment. Lenders accept gifts for down payments as well, but this might not be an option. Some organizations offer grants to assist with buying a home.

The National Homebuyers Fund Inc. offers up to a five percent closing cost grant for FHA, VA, USDA and conventional loan programs. Eligible participants can use the grant for down payments or closing costs.

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About the Author

With more than 15 years of professional writing experience, Kimberlee finds it fun to take technical mumbo-jumbo and make it fun! Her first career was in financial services and insurance.

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Wednesday, December 27, 2017

Buy a house in the gorgeous Italian countryside for just £1: Village homes being given away to stop blight of ghost towns (but you ll need to promise £18, 000 to do them up), Daily Mail Online

Buy a house in the gorgeous Italian countryside for just £1: Village homes being 'given away' to stop blight of ghost towns (but you'll need to promise £18,000 to do them up)

By Silvia Marchetti For Mailonline 11:33 GMT 15 May 2015, updated 12:43 GMT 15 May 2015

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Three Italian towns are selling decaying homes at bargain basement price

Their mayors hope it will attract more people to their dying communities

Buyers could get views of Mount Etna, unpolluted air or even vast forests

But beware: the homes come with an £18,000 catch - the cost of renovation

It sounds too good to be true: a historic home in one of Italy's gorgeous villages on sale for an unbelievable one euro - less than the cost of an espresso.

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But the price tag is genuine, part of a plan to attract people to three towns which are at dire risk of dying out if they don't expand their population. Some properties are even being offered for free.

As always, there is one catch: you'll need a spare £18,000 (€25,000) to spend transforming what could be little more than a pile of stones into your dream home.

Scroll down for video

Because those who snap up these bargains shouldn't expect castles of Renaissance villas.

These are crumbling, fascinating houses set in superb locations which have been abandoned and are now at risk of crashing to the ground.

WHAT YOU COULD END UP WITH.

Don't be put off by the crumbling ruins you see today, however.

Properly renovated properties can see their value increased by 300 per cent - and the stunning 'before' and 'after' pictures of some of those towns which have gone before should be inspiration enough.

Just look at what Swedish-Italian millionaire Daniele Kihlgren achieved with several abandoned hermit caves in Matera and crushed farmer dwellings in Santo Stefano di Sessanio into luxury resorts.

He may have spent more than £1,400 pounds per square metre (2,000 euros), but it looks as if every penny was worthwhile.

Indeed, it has been suggested a similar feel could be achieved spending half that.

They are set in villages which are just a hairs-breadth away from becoming one of Italy's fabled 'ghost towns' - places where natural disaster, lack of jobs and even pirates have driven locals from their homes in search of a better life.

It is a fate the townsfolk of Gangi, in Sicily, Carrega Ligure, in Piedmont, and Lecce nei Marsi, in Abruzzi, are determined to avoid - and so are putting their all into luring people back so their villages don't fall into oblivion.

The mayor of Gangi in Sicily is so desperate to save his beautiful town, he's not just getting rid of 100 houses at a euro each, he's also donating others for free.

So those in search of year-round sunshine less than a three hour flight away from the UK had better hurry up.

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The houses on offer are dubbed 'pagliarole' in the local dialect: two-floor stone buildings boasting as much 1,000 square ft of space which, when they were built in the 1800s, housed animals below and peasant families above.

All have two entrances: one facing the hilltop, the other downhill, typical of Sicily's so-called 'beehive-style hamlets' rising on different layers.

Gangi, which was used as a set in 2009's Baarìa, which was nominated for best foreign film at the Golden Globes, is far more than a pretty village with a view of Mount Etna.

The village is one of only two places in Europe where the Holy Spirit is said to have appeared.

But despite its beauty, spirituality and long history - it can date its roots back to the Greeks - people have been leaving in their droves.

'Since the early 1900s more than 9,000 people have migrated to Argentina,' complained mayor Giuseppe Ferrarello.

'I want to repopulate it no matter what it takes.'

Carrega Ligure, Piedmont

Those who prefer the fresh mountain air should look to Carrega Ligure, in Piedmont, where a host of crumbling buildings once home to farmers and shepherds are going for a song.

Dating back to the 11th century, the homes are scattered across five valleys in 11 mountain districts, at an average height of 5,250 feet (1,600 metres).

The area prospered in the Middle Ages as a trade centre along the salt routes, and later the monks and hermits arrived to meditate and build monasteries.

Nowadays, it is far quieter - and for good reason.

It probably isn't for the fainthearted: among the villages is Reneuzzi, which has been totally uninhabited since the 1970s after residents became fed up of the cold winters and harsh living conditions.

But there are definite advantages.

'All you'll find here is peace, breathtaking views and zero pollution,' mayor Guido Gozzano assured.

The two-storey ruins have thick stone walls and small windows to keep warm - once restyled of course.

And there's plenty of space to play with, ranging between 430 and 753 square feet (40 to 70 square metres) inside, with the additional bonus of a piece of land outside - an estate agent would call the gardens natural, most people would say overgrown.

Lecce nei Marsi, Abruzzi

Those wanting to impress their friends with the history of their new holiday home should really look no further than the bargains on offer in Lecce nei Marsi.

After all, how many people can claim to own a former bandit lair in the middle of the forest?

Lecce nei Marsi is selling off dwellings - complete with their own small gardens - which once housed shepherds, cattle breeders, miners, woodmen and even outlaws.

But when a terrible quake rocked the region in 1915, they all started running for their lives - marking the beginning of the end for the village.

'I want to avoid that the historical center crumbles to pieces, there are no public funds for maintenance and I'd like young couples to return,' explained mayor Gianluca de Angelis.

It would be a pity if the village died out: set in the Abruzzi Natural Park, it is surrounded by a 600-year-old beechwood forest that might soon be a UNESCO World Heritage site.

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For sale at one euro: a house in an idyllic Sicilian village

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For sale at one euro: a house in an idyllic Sicilian village

Council in Gangi selling off around 20 homes for the price of a cup of coffee in the hope of attracting new life to hilltop community

4:24PM BST 06 Aug 2014

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It's yours for the price of a cup of coffee - a historic house in a terracotta-tiled hill town in Italy.

In fact for the price of a full English breakfast, you could snap up half a dozen of them.

_{The mountain town of Gangi on the Madonie mountains in the Province of Palermo (Alamy)}

A village in Sicily which has endured decades of population decline and neglect has come up with a novel, and seemingly too-good-to-refuse offer: it is selling off empty homes for just one euro each. That's 80p at today's exchange rate.

Gangi is a hill-top town set amid the rolling wheat fields and wooded valleys of central Sicily, about an hour's drive south of the picturesque holiday resort of Cefalu.

Founded in the 12th century, it boasts a castle and access to hiking trails in the surrounding countryside.

The local council wants to sell around 20 houses, many of them derelict, which were bequeathed by locals who had neither the money nor the will to renovate them.

The bargain-basement prices come with a few conditions, none of which are very onerous or particularly costly.

_{Gangi, with Mt Etna in the distance; the town is an hour's drive from Cefalu (Alamy)}

Buyers must pay a €5,000 (£3,970) guarantee to the local council to ensure that they renovate the properties, rather than just leave them empty. The money will be redeemed once the homes are restored.

Owners have five years in which to bring the houses up to a habitable standard. Most of them are in a state of disrepair, if not derelict, with the cost of renovating them estimated at around €35,000 (£28,000).

Buyers would have to pay the legal costs associated with the purchase - estimated at around €6,000 (£4,760) per property, depending on its taxable value.

Gangi's council first launched the unusual initiative a couple of years ago, but with none of the councillors speaking English, it received barely any attention and achieved few results.

Now the village of 7,000 people has turned to Marie Wester, an English-speaking, Swedish property consultant who lives in Sicily, to help market the deal.

The Ventimiglia tower in the town of Gangi (Alamy)

Through a newsletter she sends out to clients, she has already had interest from four British couples as well as Swedes, Americans and Russians.

"The people of Gangi want to attract foreigners to the town because they want to bring in new life," Ms Wester told The Telegraph.

"Since I got involved in the sale, there has been massive interest. I think it's a good deal."

After living in Italy for seven years, Ms Wester has a shrewd idea of what local builders would charge to undertake the renovation of the properties, all of which are in the historic centre of Gangi.

"The houses need new roofs and floors, you'd need to put in electricity, water and sewerage and re-plaster them at the end of it all. I reckon it would cost about €35,000 per property.

"The only downside I can think of is that the village is not near the coast, but it a lovely medieval town, it's very clean and well-kept and the people are friendly."

Two of the houses were bought last week by an expatriate Italian businessman and his Russian wife, who are based in Abu Dhabi.

"They fell in love with our village, with the tranquillity and the clean air," said Giuseppe Ferrarello, the mayor. "We've received more than a hundred telephone calls from Italy and abroad. We are ready to welcome more people with traditional hospitality."

Gangi may be in the same province as Corleone, the town made notorious for its Mafia links by The Godfather books and films, but foreign buyers need have no fear of Cosa Nostra.

"The Mafia exists, of course, but they are operating at a different level - they are interested in multi-million euro construction projects, not restorations like this," said Ms Wester. "Some people think that if you come here you'll see them walking down the street with guns, but it's not like that."

The one-euro-a-house offer comes a month after much of a village in the Italian Alps was put on sale on eBay for €245,000 (£195,000).

Calsazio had a population of around 80 a few decades ago but emigration and the drift to the cities by young people has reduced the number of locals still living there to just eight.