Houses in Italy's Maenza town up for sale at €1; Here's what buyers need to know

In what could be termed as shocking for many, a report by CNN shows that Italy is offering a considerable discount on homes in the town of Maenza where people can buy a house for as low as one euro (approximately Rs 87). While the price is less than a burger offered by McDonald's, the only condition has been put that the buyer will have to restore the houses. The town of Maenza, 70 kilometres south of Rome, has become the first in the Latium region to begin selling homes at a price as low as this. The scheme, which was was launched last year, aims to repopulate Italy's villages and attract tourism to the country's remote regions. Buyers must submit a detailed renovation plan on what the building will be used for, and they will also need to grant a deposit guarantee of €5,000, which will be refunded once the renovation works are completed. 

First few houses up for sale 

Speaking to CNN, Maenza Mayor Claudio Sperduti termed it a "pact for the rebirth" of his hometown. He further informed that while the first few houses are up for purchase from August 21, hundreds of other abandoned or vacant huts in the region will be available for customers soon. Terming the procedure very transparent, he also said that as soon as owners hand over their old houses, concerned authorities place them on the market through specific public notice or websites. About 100 neglected properties in Maenza require renovation as they pose a potential danger to the passerby. 

No permanent residency rules to buy 

Although the terms and conditions mention that priority will be given to those who want to settle down and those planning the fastest renovations, they don't enforce permanent residency rules on the buyers. The buyers will have to renovate the house within three years. It should be mentioned here that small towns in other European countries and other parts of Italy have previously listed homes for sale for $1. However, Maenza is the first town near Italy's capital to offer houses at such a low price, albeit with a few terms and conditions. According to the report by CNN, Maenza was built by shepherds and later occupied by Germanic Volsci tribes.

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