Village near Rome Joins International €1 House Sale Scheme

Village near Rome Joins International €1 House Sale Scheme

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Maenza Italy

Village near Rome Joins International €1 House Sale Scheme

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Bargain homes near Rome

Population decline in many villages and towns resulted in thousands of neglected properties in Italy. So the idea was sparked, the €1 purchase scheme, to attract new residents to move to Italian rural areas with the promise of a bargain property. The houses on sale are generally far-removed from bustling urban centres, but Maenza, a town of about 3,000 residents near Rome, has now become the latest to join the fray.

The goal is to recover some 100 neglected properties by liaising between the owners and buyers, Maenza mayor Claudio Sperduti told CNN. Buyers are required to make a €5,000/ $5,840 deposit, which will be returned once they complete renovations on their property. 

Maenza building

Most of the properties in Maenza need major renovation. 

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What you need to know

The success of Ollolai village in Sardinia, with around 120 purchase requests by late 2017, spawned an international trend of selling abandoned houses for a nominal fee. Villages in Switzerland, Spain, Croatia and even Japan have reportedly joined in.

However, doing up houses especially those in a dilapidated condition requires time and effort as most need major renovation. Each house should be renovated at an estimated cost of €5000/$5840 and buyers are required to renovate the property within three years. The intended purpose of the buildings, either for business or private use, must be detailed. 

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