Town in Croatia sells homes for 13 cents

In the northern town of Legrad, Croatia, a creative initiative offers homes for as low as 13 cents to attract new residents. Launched in 2018, the program aims to reverse population decline, with already promising results.

Government officials recently announced the availability of a batch of homes for this incredibly low price in January. To qualify, applicants must be under 45, in a marital or extramarital relationship, and have a clean criminal record.

Notably, applicants cannot already own property, although it's unclear whether this restriction applies only in Croatia or globally.

Since the program's inception in 2018, five ready-to-move-in houses have been sold, with three families already settling in. The positive trend has led to an increase in the number of children, prompting the construction of a new daycare center in Legrad.

Mayor Ivan Sabolić expressed joy at the success, stating, "Three families have already moved in, and what pleases us is that all three families welcomed a new member during their relocation." The town's commitment to rejuvenating its community is evident.

In 2021, Legrad offered 19 vacant houses and abandoned construction sites for sale at the price of 1 kuna, the Croatian currency at that time. Seventeen of them were sold, with the municipality offering financial assistance of up to 25,000 kuna (around $3,558) for necessary renovations.

For prospective homeowners, the town previously covered 20% of the property's cost or up to 35,000 kuna (approximately $5,056). Whether similar incentives will be offered this time remains uncertain.

Croatia follows a growing trend, as other regions like Mussomeli in Sicily gained attention by selling deteriorated houses for 1 euro to breathe new life into shrinking populations.

The innovative approach aims to address demographic challenges while providing affordable housing solutions.

[With information sourced from Money Review and CNBC]