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Property available for Rs. 87 only in new housing scheme

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Property available for Rs. 87 only in new housing scheme

A town in Italy is now selling property in a new Rs. 87 only housing scheme. It isn’t a fraud scheme, but the buyer will have to pay thousands of euros to restore the property. 

Who wouldn’t want to own a property in a beautiful country like Italy? What if I tell you that the country has now put its property for sale for one euro (Rs. 87) only? These homes in Italy are being auctioned as part of a new housing programme aimed at repopulating rural areas in the country and attracting tourists to the far-flung places in Italy.

The country’s government launched the one-euro housing progarmme, in 2020, as Italy grappled with a shrinking population in its villages.

Maenza is now the first town in the Latium region of Rome that has started selling houses for one euro only.

Maenza exists in the Province of Latina in the Italian region Lazio, around 70 kilometres (43 miles) southeast of Rome and approximately 25 kilometres (16 miles) east of Latina.

The ancient site, high up on the rugged Lepini hills south of the capital, where shepherds and fiery tribes previously resided, is making dozens of abandoned stone homes available in the hope of luring new tenants.

Maenza is home to a castle, which was first erected as a watchtower in the 12th-13th centuries and then expanded in the 16th century.

Under the Rs. 87 housing scheme, the town’s authorities are trying to combat the desertion of the ancient, mediaeval hamlet of the city centre, which is located approximately 70 kilometres south of the city centre,

Mayor Claudio Sperduti stated that his administration is taking things slowly and gradually. As original families contact Sperduti’s team and hand over their old homes, the properties are listed for sale through appropriate public notifications on the town’s website to ensure transparency.

Applications for the first few residences will close on August 28; further houses will be made available to buyers soon after.

A thorough plan detailing how buyers intend to utilise the property – as a house, a restaurant, a business, or a bed and breakfast – must be presented to the town.

They must also pay 5,000 euros as a deposit assurance to restore property in Maenza within three years, and the money will be repaid after the renovation is completed.

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