‘Ghost town’ where homes cost $1.72

It sounds like an incredible bargain and almost too good to be true, particularly when soaring property prices in Australia are making the Great Australian Dream of homeownership seem simply out of reach for many.

In recent years, many Australians have seized the opportunity to own a home for €1 ($1.72) thanks to the Italian government’s relaxed property laws.

The Italian government places no restrictions on Australians purchasing a home through the country’s One Euro House Program.

However, some Italian regions participating in the program may require you to renovate the property within a specific time frame, usually around three years.

According to Realtor, Penne — in mid-southern Italy — has already sold several one euro homes in recent years but is now ready to release a “handful” of new properties that will also be sold for that same price.

The town in the Abruzzo region is offering a similarly attractive deal to anyone willing to invest the necessary time and money into restoring a dilapidated property.

Due to the extensive use of bricks in its construction, Penne is known as the “Town of Bricks”.

Locals in the town fear that it could become an abandoned area. Picture: realtor.com

In recent years, Italy has become famous for its one euro home offerings, a scheme that was conjured up in Ollolai in 2018 in a bid to revitalise the local economy after many former residents moved away in search of more bustling metropolitan areas.

Penne is hoping that its latest selection of bargain abodes will have a similar impact, with local mayor, Gilberto Petrucci, explaining that many of the homes are located in the town’s “historical centre,” which he said has been in a state of steady decline for decades as a result of families relocating.

“There are potentially over 40 empty buildings in town looking for new owners, and they’re all located in the historical centre which has been declining since families started emigrating decades ago,” he said.

Petrucci added that he now fears Penne could become a “ghost town” if something is not done to try and draw new residents to the area — and to invest in restoring the area to its former glory.

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“It just hurts me so much to see these houses just lying there abandoned. It’s a like a wound,” he added.

According to the last Italian census in 2014, the town’s population is 12,451.

To that end, he noted that the homebuying process for the low-cost properties has been made even easier for potential investors, who will not be required to put down a deposit, as is traditionally required with deals of this nature.

When one euro homes have been made available in the past — both in Penne and in other areas of Italy — buyers have been required to put down a deposit of around 2,000 to 5,000 euros ($A3,400 to $A8,600) which is returned to them when they have finished renovating their chosen abode.

However, for Penne’s latest offerings, that won’t be the case, with buyers simply required to commit to completing their restoration of their home within three years after buying it.

According to the town's mayor, no deposit will be required in order to purchase one of the homes. Picture: Google Maps

Additionally, buyers will be offered a helping hand when it comes to the renovations, courtesy of a “team of architects and experts” who are available to help with every elements of the process, from sourcing contractors, to figuring out renderings, to overseeing the actually building work.

In total, Mayor Petrucci estimates that the starting cost for the most basic renovation is around 20,000 euros, or $A34,400, which is still a far cry from the cost of most homes in Australia.

The mayor said that the latest inventory will be made available “in the next couple of weeks,” noting that six one euro homes have already sold in the town — mostly to Italians.

Penne will also be offering turnkey properties that do not require renovations, with prices for those liveable dwellings starting at 40,000 euros, or $A68,800.