It is now possible to buy an apartment in the town of Maenza at a steep discount. It’s one of those places where you can buy a house for as little as – hold your breath – one euro (about ?87). This is less than the price of a McDonald’s burger. There is only one catch: the buyer will have to restore the houses.
The town of Maenza is located about 70 kilometers south of Italy’s capital Rome. It has become the first town within the Latium region to begin selling houses for under one dollar. Italy launched the program last year to help stabilize dwindling populations in villages. A picturesque town, it has a long history of being home to fiery tribes. Located on the wild Lepini hills south of the capital, Maenza is the latest city to join Italy’s One Euro a Home program.
‘The project is intended to spur life into the quiet alleyways of the small town’, said mayor Claudio Sperduti. ‘We are taking it one step at a time. As the original families get in touch and give us their old houses, we place them on the market using specific public notices posted on our website to make it all transparent,’ Sperduti told CNN. In Maenza, at least 100 properties have been neglected and should be restored.
A few houses are currently available for sale in Maenza, according to officials, until August 28. However, the mayor has assured that more such properties will become available in the coming weeks. The purchaser does not have to live in the house, but must submit a plan of how they intend to use it – as a home, a restaurant, or a shop. The initial deposit will be €5,000 (about $5,840), which will be returned when the work is completed.