As high property prices and rising interest rates continue to dominate conversations, Italy has come through once again with an unbeatable offer to get you on the property ladder. The town of Sant’Elia a Pianisi in the scenic region of Molise has put eight houses up for sale for just €1.

However, the catch is that they need considerable renovations, and those who do snap up a property will be asked to put down a deposit of €5,000 ahead of the necessary renovation works taking place. They’ll also have to pay all the usual fees involved in buying and owning a home.

The new residents of Sant’Elia a Pianisi will also have to abide by certain rules, according to the mayor. They’ll be asked to present a renovation project to the local authority within six months of purchasing the house, and the said renovations will have to be completed within the next three years. The town will favour buyers who are planning to hire local workers, use regional materials, and renovate in the shortest amount of time.

Sant’Elia a Pianisi’s €1 homes are part of an ongoing scheme to reawaken Italy’s many towns that have a decreasing population.

The Italian population peaked in 2014 at 60.3m, and this year there are 58.9m, a fall of 1.4m people in nine years. However, over the next nine years, the Italian population is expected to fall to 57.1m, an accelerated decrease of 1.8m people.