Where in the world you can buy a house for less than Dh5

The world’s costliest property went on sale last week in Hong Kong with a price tag of $105.67 million, but in a village in Sicily, Italy, local residents are off- loading some properties at a price less than what you spend for buying a loaf of bread in the UAE.

Twenty properties in the village of Gangi, overlooking Mount Etna, are up for grab for just one euro each (Dh4.9).

According to international media reports, the village decided to sell off the properties at bargain-basement prices as they are standing in dilapidated conditions with locals not having funds to renovate them.

The village, with 7,000 residents, sits in the centre of the Mediterranean island and was founded in the 12th century.
It has been suffering from a dwindling population in recent years, the Daily Mail reported.

The town's mayor Giuseppe Ferrarello said he had already received hundreds of calls about the properties, both from Italy and abroad, and two houses have already been sold to an Italian businessman and his Russian wife.

Although the houses are sold for mere one euro each, there are other costs associated with the purchase.
Legal costs are expected to reach around £5,000 (Dh30,612) and the agent behind the sale says the properties could be restored for about £28,000 (Dh171,432), the Daily Mail reports.

Besides, buyers have to pay the local community £4,000 (Dh24,490) as a guarantee that they will renovate the properties.

Russian real estate investors and buyers have emerged as one of the largest groups that have been buying property in Italy followed closely by German and British investors, Italian ambassador to Russia, Cesare Maria Ragaglini, has said.

Though there are no official figures available on UAE nationals investing in the Italian property market, real estate consultancy have said that Emiratis do often invest in the United Kingdom, Spain and France.

Italy grants elective residence visa that allows for entry into Italy with the purpose of residence to foreigners who want to settle in our country and who are able to support themselves without pursuing any occupation.

The foreigner must provide suitable and documented guarantees about the availability of a dwelling to be elected as residence, and of availability of ample independent, stable and regular income, whose continuity in the future.

The visa issued will be valid for six months, for short stays up to 90 days (valid throughout the Schengen area), according to the Italian Luxury Realty Business.

Having obtained an elective residence visa and made entry into the country, the foreign national can, within eight days and with all the indispensable guarantees, convert his entry visa into an elective residence permit.

Purchasing a property in Italy means one can obtain an European Union residence permit, which is even valid for family members and allows holders to travel freely within the 26 Schengen countries, states the company.

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