Lilliput homes make huge splash in Italy

housing market as Italy tries to combat the recession.
These tiny homes, dubbed “Lilliput properties”, are popping up all across Rome, offering as little as four square metres of floor space to lucky homeowners.
Ambitious buyers can splash out on more extravagant apartments, which contain up to 10 square metres of space — just enough room to lie down in.
One listing, reports The Independent, recently advertised a “Bachelor pad, near Pantheon” for €50 000.
It offers “a sink, a toilet and a shower along the left-hand wall” and “three steps leading up to a narrow bed” on the right. The “pad” spans a luxurious total of five square metres.
To put that in context, New York City’s narrowest home is just 2,89 metres wide.
But 75½ Bedford Street, affectionately called “The Half” by US blog Curbed, stretches back from the street to accommodate 91,97 square metres of room. The current asking price? A hefty US$3,95 million, following multiple price cuts.
By comparison, the price of Italy’s tiny homes is positively miniscule — a fact that many locals appreciate.
With the average Italian salary (€23 406) far below that of France (€33 574), Germany (€41 000), Spain and even Greece, workers in the country have some of the lowest incomes in Europe, according to Corriere.it.
For those in the capital, apartment costs are impossibly high, and so the micro-apartments have emerged as an affordable solution.
Described as “functional” or “practical”, these homes are the last resort for people prepared to scale down for a living. One description, adds The Independent, simply reads: “There are no windows. Only two air intakes.”
As the euro crisis continues, the Lilliput lifestyle becomes an increasing reality for those in need of cheap places to live.
Fortunately, that’s not the only option for overseas buyers. The euro crisis has seen Italian property prices decrease by 14 percent since 2007, according to the RICS European Housing Review 2012.
As a result, full-sized homes also come at miniature prices — leaving investors more than enough room to lie down. — TheMoveChannel.com