R20 for a home just outside Rome

For only R20 you can pick up a home just outside Rome - the catch? You need to commit to renovating it within three years - this according to a report from CNN.

Situated a little over an hour outside of Rome, Maenza is a quaint medieval town full of narrow alleys, cobblestone pathways, and history, according to the same article.

The town has about 100 homes for sale for €1 (some R20 at current exchange rates) that are in need of repairs, according to CNN. The homes were built in the 1700s, and many of them have been abandoned for years.

It is not the first time that small towns throughout Italy and Sicily have listed homes for sale at ridiculously low prices with the intent to renovate - but Maenza is the first town to offer houses at the eye-catching price tag that's within driving distance to Italy's capital city.

Claudio Sperduti, the mayor of Maenza, told CNN that Maenza is getting in touch with the families who own the properties to give them up to be sold.

"Families and youths often leave town to move to larger homes in nearby cities and villas in the countryside, but there's always some newcomer who takes their place so it's balanced out,'' Sperduti told CNN. "This is not a dying city, people still inhabit the old district but it needs a revamp - fresh oxygen."

Buyers are not limited to renovating the homes into residential spaces either - the properties can be turned into businesses including retail stores, restaurants, or bed and breakfasts.

Potential buyers must file how they'd like to renovate the homes and provide a deposit equivalent to around R85,000 upon purchasing, according to the same article. The deposit will be returned once renovations are complete, CNN reports.

Sperduti told CNN that the estimated deposit accounts for the homes' size, as they are all between 50 and 70 square metres each. This estimate includes tax deductions for eco-friendly renovations, CNN reported.

The stone homes have views of the town square, the sea, and the nearby Pontine Islands.

Potential buyers can visit the town's website to see which homes are for sale. More are due to be on the market soon.

Loading comments
More Featured Property articles
Featured Property
South African buyers are snapping up apartments in latest phase in Mont Choisy Golf & Beach Estate in Mauritius
22 Oct 2021
With several airlines resuming flights to Mauritius, the just-launched Phase 4 in the well-established Mont Choisy Golf & Beach Estate in Grand Baie is also set to take off as buyers begin flocking in to view the site, says Richard Haller, director of Pam Golding Properties Mauritius.
read more
Featured Property
Elon Musk relists mansion at a reduced price
14 Oct 2021
Elon Musk has relisted his Bay Area mansion, after taken it off the market just a month ago, at a reduced price of R476 million.
read more