10,000 homes to be developed in Northern Italy

The Italian region of Piemonte intends to develop 10,000 new homes by 2010, as part of the House Program approved by the Regional Board just before Christmas 2006 in a major boost for the property market in the region, Italian newspaper IlSole24Ore said.

The program will involve an investment of about EUR 746 mln in the next six years, councillor on land planning Sergio Conti said. According to Conti 'this is an ambitious but realistic program, which takes into account the regional housing needs, in particular of young people who cannot afford the market high prices'. Conti also said that 'the program is flexible, and it could be changed on the basis of the first two-year results'.

The region intends to assist home buyers by providing financial contributions proportional on incomes. The maximal contribution will be EUR 120,000 for a 75 m² home, the newspaper said.