Italy: Town near Rome is the latest to join Italy’s €1 house sell-off

Rome: The town of Maenza near Rome has joined the growing list of Italian villages that are using bargain homes to attract new inhabitants.

The list of idyllic hilltop villages in rural Italy offering up bargain properties for the symbolic price of €1 keeps getting longer.

The houses on sale were generally far-removed from bustling urban centres, but this month the town of Maenza became the first in Rome’s Lazio region to join the project.

Located in the Lepini hills, one and a half hour’s drive south of the capital, the village has made available dozens of abandoned houses in the hope of attracting new residents.

The aim is to recover some 100 neglected properties by liaising between the owners and interested buyers, Maenza mayor Claudio Sperduti said.

Potential buyers are invited to contact the town hall, where local officials will work to match their requirements, Sperduti said. Applications for the first batch of houses closes on August 28th, but more are expected to go on the market later on.

Buyers must agree to some conditions. They will have to commit to renovating the property within three years, and pay a deposit of €5,000, which will be returned once the renovation is complete. They must also detail whether the property will become a private home or a business, such as a shop, hotel or restaurant.

Becoming a permanent resident is not compulsory but the city council is keen to attract young families with children, and priority will be given to buyers wanting to settle down.

The €1 house scheme took off in Italy last year, with several towns and villages across Italy, often with dwindling ageing populations, offering up cheap properties.