Amid the recent real estate renovation frenzy in Italy, buyers now have a chance to secure cheap accommodation near the heart of Italian culture, Rome.
Mayor Claudio Sperduti of the town of Maenza, located about 40 miles southeast of Rome, will make around 100 dilapidated townhouses available to ambitious occupants around the world, according to CNN, for just € 1 to buy – plus refundable deposit of € 5,000 ($ 5,840), if renovations are completed within three years.
With residences more typically offered in the more remote regions of the Mediterranean country – distant Sicily (Sambuca, Mussomeli and Cammarata) and other little-known villages in the south (Laurenzana, Teora and regions of Calabria and Molise) – the initiative Home renovation in Maenza marks one of the most central villages in the trend, with better access to travel centers and historic attractions.
Some of the houses date from the 1700s, while many offer epic views of the Tyrrhenian Sea between the island of Sardinia and the Italian mainland.
“We are going step by step,” Sperduti told CNN. “As original families contact us and hand over their old homes to us, we put them on the market through specific public notices on our website to make it very transparent. “
In addition to the deadline, Maenza executives will also require buyers to submit a detailed plan of the renovations and how they intend to use the property, whether as a home or as a business. Sperduti also encourages families, especially to apply, in the interest of discouraging developers from flipping homes for profit.
“Families and young people often leave town to move to bigger houses in neighboring towns and villas in the countryside, but there is always a newcomer taking their place, so it’s balanced,” said Sperduti.
“It is not a dying city, people still live in the old quarter but it needs a renewal, fresh oxygen,” he added.
The mayor estimated that the cost of upgrading the houses would start at around € 100 ($ 117) per square meter for an average house of 50 to 70 square meters, the cost of which includes environmentally friendly elements and a fortification. against earthquakes, according to Sperduti.
The first sales of Maenza’s home buying campaign will be announced on Saturday, with more to come as city officials continue negotiations with the original owners to list the properties. More details are available on the village website.