A 32-year-old British antiques trader, George Laing, has become a notable figure in Mussomeli, a small town in Sicily, after purchasing a derelict three-storey property for the remarkably low price of just €1 (approximately 85p). The acquisition took place in December 2022 under a local council scheme aimed at revitalising abandoned homes by selling them cheaply with the condition of renovation within three years.
Although the initial purchase price was minimal, George’s total outlay, including administrative fees, agency costs, and energy certificates, amounted to around €5,000 (£4,300). He then invested less than £10,000 in renovating the property, despite its substantial needs, such as fixing a leaky roof, reconnecting the water supply, and establishing electricity. This renovation work was largely carried out by George himself, who shared details of the process and challenges—such as dealing with storm damage—on his Instagram account (@george_laing_).
Since refurbishing the home, George reports that he has garnered significant interest from potential tenants, with over 500 people now waiting to rent the house via his own website and booking form, bypassing platforms like Booking.com or Airbnb. He described the experience as “the best decision I’ve made,” adding, “I wouldn’t say it’s a completely glamourous lifestyle, but it’s definitely a rewarding one.”
Encouraged by the positive reaction, George recently acquired a second property in Mussomeli, again for the symbolic price of €1. He believes this new home, which is five minutes’ walk from the first, will require less work given its sound structure and larger size. He plans to begin that renovation project in the coming months.
Under the terms of Mussomeli’s one-euro home scheme, George must complete renovations within three years or face a fine. Looking ahead, he has ambitious plans to purchase entire rows of such homes to create a community in the area. Additionally, he is considering establishing an antiques shop in Mussomeli, where commercial property is far more affordable than in the UK, costing around €5,000 (£4,300) compared to £200,000–£300,000 back home.
George also reflected on the wider economic situation in the UK, attributing his move to property prices that are increasingly unaffordable relative to wages. “Eventually in the long term I do want to buy a countryside house in the UK, but property is so expensive, and there’s such a disparity between wages and property prices,” he told the Daily Mail. George further commented on the cost of living in the UK, highlighting rising taxes and everyday expenses: “A coffee costs £5, a pint is £8, it’s £10 to travel around London, nobody can afford anything—the average person is struggling.”
Currently, George divides his time between Mussomeli and Eastbourne in the UK as he pursues his renovation ventures and contemplates the opportunities that the Sicilian town presents for both property and business investment.
Source: Noah Wire Services