Economy / Politics

Would you like a house (almost) for free in Rome? Ask the Municipality

Since it is in the red, the Municipality of Rome decided to sell 751 houses or flats from its vast real estate patrimony. However, the officers tasked with organizing the sale were faced with a rather messy situation.

It was discovered that the houses and flats of the Municipality are rented for just 52 euros a month on the average, a ridiculous sum taking into account that Rome, like many capitals, is quite an expensive city. And indeed when the Municipality rents a building for itself, it pays 4,000 euros a month on the average.

Moreover, 85 percent of the renters don’t pay even their small rent, or their bills. The ironic outcome is that, in the end, the huge real estate patrimony of the Municipality is not an asset, but a liability, since the Municipality has to pay for maintenance anyway.

This can partially explain why Rome needed to be bailed out by the Government.

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