Reuters
- A Croatian town with a population of 2,241 is selling homes for $0.16 to attract new residents.
- The municipality of Legrad is also offering $3,979 to help buyers with home refurbishments.
- Buyers must be under 40 years old, financially solvent, and live there for at least 15 years.
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A small town in northern Croatia is selling houses for $0.16 (one kuna) in a bid to encourage new residents to move there.
Reuters reports that Legrad, a municipality with roughly 2,250 residents, has been impacted by rural depopulation over the last century, though the town was once the second-biggest population center in Croatian territory.
Speaking to Reuters, the town's mayor Ivan Sabolic shared the motivation behind the scheme to put Legrad back on the map: "We turned into a border town with few transport connections to other places. Since then the population has been gradually falling."
While the houses need work, Sabolic confirmed to Insider that the scheme, which has facilitated 17 property sales so far, also pledges up to $3,979 (25,000 kuna) towards any refurbishments buyers would like to make. There is currently one house and one building plot that are still for sale.
Sabolic also told Reuters that newcomers could expect employment within the food production and material processing industries.
However, the offer is not without conditions. Prospective buyers must be under the age of 40, be financially solvent, and make a commitment to live in Legrad for at least 15 years. Sabolic told Insider that further conditions require "at least one of the spouses" to have completed "high school and three years of work experience" to be considered.
For some residents, these commitments are a worthy exchange for homeownership. Danijel Harmnicar, a young local who has recently taken part in the low-cost scheme with his family, told Reuters: "In the papers, it says 15 years minimum but that is not a problem at all. The house is built and we don't have any plans to move or sell the house."
Legrad's housing market presents a start contrast to property values in the US. The Associated Press reports that America's housing market faces increasing demand and house prices continue to soar, with roughly 50% of homes currently selling above their list price.
Sabolic told Insider that there has been a lot of "interest from people from non-EU countries" but due to immigration complexities, the homes are not currently open to US applicants.
Insider's Alex Ma reported on Wednesday that the European Union could be set to lift all COVID-19 restrictions for US travelers and resume non-essential journeys in the coming days.
A formal decision on the plan is expected on Friday, but the lifting of restrictions would allow US travelers to once again make the most of Croatia's offerings.