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You Can Now Buy A House In Italy For Just €1

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You Can Now Buy A House In Italy For Just €1

Have you ever considered investing in property abroad but always thought it was a pipedream?

Well, this Italian town is selling homes for €1 (86p) so now you can turn that dream into a reality but be warned you have to be quick off the mark as the auction ends this weekend.

The town of Maenza, less than two hours south of Rome, is looking for people to "breathe new life" into the area and renovate homes located high on the Lepini hills.

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Mayor Claudio Sperduti told CNN Travel they have around 100 properties for sale but applications to get your hands on those close on Saturday, 28th August.

He said that he and the local town council hope to put more on sale as more of the original properties' owners get in touch.

The mayor told them: "We're taking it one step at a time.

"As original families get in touch and hand over to us their old houses, we place these on the market through specific public notices on our website to make it all very transparent."

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You could buy a home for just €1 in Italy. Pictured Cinque Terre (Credit: Unsplash)
You could buy a home for just €1 in Italy. Pictured Cinque Terre (Credit: Unsplash)

Those planning on getting their hands on a home though should know that they'll be expected to renovate their properties within three years, with a mandatory €5,000 deposit.

However, the €5,000 is returned once the renovations are complete - but that's about the cost to bring a dilapidated home, about 50-70 square meters, back to life.

It should be noted that many of those that overlook the town centre are in need of major works - but if you like a project then this could be up your street.

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The mayor added: "This is not a dying city, people still inhabit the old district but it needs a revamp, fresh oxygen."

Many homes that overlook the town centre are in need of major works. Pictured Manarola (Credit: Unsplash)
Many homes that overlook the town centre are in need of major works. Pictured Manarola (Credit: Unsplash)

Fortunately, those who buy don't have to move to the area, unlike some of the other €1 Italian house schemes which enforce relocation to encourage new locals.

Although, prospective buyers must also submit the planning for the property, be it for a home, B&B or restaurant.

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The €1 house scheme was launched in Italy in 2019 as the country sought to revive deserted towns because of the mass exodus to cities.

Some of the towns that have signed up to the scheme include the seaside city of Taranto in Puglia and the town of Laurenzana, located a few hours south of Naples.

So if you're looking for a slice of La Dolce Vita then get bidding now!

Featured Image Credit: Unsplash

Topics: Home, Life, travel, Real Life

Lisa McLoughlin
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