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Rome City Council cashes in on real estate selling 600 assets for over €300 million

by Paola Dezza

The Roman City Council cashes in on real estate, and has set up a plan of disposals that will put on the market 600 assets for a value of over €300 million. The news was out in February but it was only last week that the first tranche of these properties was put up for auction, i.e. 35 of the available properties, listed in Council Resolution No. 6/2015 - for an initial auction base of approx. €16.5 million. These are the properties that could be put up for sale right away, many of which highly prestigious and set in premier locations.

In the meantime, a second auction is in the works for the near future, though it will have to wait for the outcome of a procedure that provides tenants with right of first refusal both in the case of commercial and of residential buildings.

As for the current auction, the properties in question are: eight private dwellings, sixteen shops and workshops, eight depots or warehouses, a hotel, an office, a complex of buildings. Over one half of these properties is within Municipal Area I, several are in especially prestigious locations: piazza Navona, via dei Cappellari, via dei Falegnami, largo Corrado Ricci, Trastevere, Prati, via del Pellegrino.

The proceeds of these sales, in compliance with the Council Resolution cited above, will go into investments and services. One of the assets put up for auction, a residential building at number 68 of the celebrated piazza Navona, for example, had an auction base of approximately €1.5 million. The same goes for a building in via dei Montecatini. Then there’s an apartment in via dei Cappellari, behind Campo dei Fiori, whose auction base is €430,000. A commercial building at Arco di Santa Margherita, also in the Campo dei Fiori area, has a price tag of €300,000.

Bids will have to come in by 1 pm of August 10.

The Roman Council has chosen to dispose of the properties as a way to put an end to what Italians call “furbetti degli affitti”, which we might translate as “artful lodgers”: some of the tenants of these amazing homes would pay something like a mere €90 a month - view of the Coliseum included.