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French houses go on the market for 1 euro!
Posted on 14/10/2017

SocietyFrance

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French houses on sale for 1 euro? As it is with many cases of deals that are 'too-good-to-be-true', all is not quite as it seems.

What's the catch?

What's the catch?
© Andy Dean Photography/123RF

In addition to its perhaps undesirable location, purchasing these 1 euro properties comes with quite a long list of terms and conditions. And you can only purchase the property if you have met all of the small print requirements.

You'll be signing up to a non-negotiable six year contract which will require you to renovate and restore the property. Additionally, only first time buyers who intend to live in the property with their families will be allowed to make the purchase. Finally, not only do all renovations must be completed within a year they also have to meet the standard specified by relevant council officials.

Many would jump at the chance to own a property in France, especially if it was going at a frankly ludicrous price of just 1 euro. So let's allow ourselves to dream for a moment. Perhaps it's a classic Haussmann building, complete with white washed walls, high ceilings and sophisticated balcony in central Paris, or a traditional rural cottage in depths of the French countryside. Well unfortunately we are here to tell you that it is neither of those.

The 1 euro properties that have recently popped up in France's housing market come with a small catch. The deal concerns 18 empty and derelict council houses located in Roubaix, a city in the North of France. Roubaix lies at the opposite ends of the spectrum when compared to wealthy and affluent French cities such as Paris. The city has long been plagued by high unemployment rates and lack of opportunities. Hence why there are so many empty properties left to decay.

The 1 euro Roubaix council housing project follows on from a similar initiative which took place in Liverpool, UK. The successful initiative offered empty social housing at incredibly low prices in an attempt to stimulate purchasing and thus give a shot of adrenalin to the property market. Council authorities in Roubaix, which plan to sell a 18 properties in 2018, hope that by bringing the houses back to life they will be able to regenerate the surrounding city.