You Can Buy a House in Italy for $1.30, but There’s a Catch

A small Italian village is offering homes for one euro — which equates to $1.24 USD — in an effort to revitalize their dwindling population, but there are some strings attached.

The village is called Ollolai. It’s located in the mountainous Barbagia region of Sardinia, an island off the coast of the Italian mainland. Ollolai’s population dropped by nearly half in the past 30 years, and the incredibly low housing prices are an attempt to rekindle its livelihood.

However, homebuyers who accept the $1.30 stone buildings must commit to refurbishing their new dwelling within the first three years. As most of the buildings have been standing empty for years, they’re in pretty poor condition. DailyMail estimates it will cost about 30,000 euros on average to bring each home back to livable quality. That equates to about $37,250. CNN predicts a more reasonable $25,000 renovation total.

There are 200 of the one euro homes available in Ollolai. All are old-style stone buildings. The mayor, Efisio Arbau, reportedly hatched the real estate discount scheme in 2015 in order to combat the dropping population. Not only have citizens left in droves, but very few babies are born in the village as well, meaning that the number of residents will decline exponentially in the years to come if something isn’t done.

The Ollolai population is currently estimated at around 1,300 people. Just 30 years ago that number was 2,250.

“We boast prehistoric origins,” Arbau, told reporters from CNN. “My crusade is to rescue our unique traditions from falling into oblivion.”

“Pride in our past is our strength,” he went on. “We’ve always been tough people and won’t allow our town to die.”

Ollolai was once the capital of Barbagia. Many consider it the most authentic piece of Sardinia that remains, untouched by outside architectural influences. Over the years, that authenticity hasn’t been as appealing to young people as the hustle and bustle of bigger cities. When they come of age, many people leave the village in favor of the mainland. Some of the homes being sold in Ollolai today have reportedly been abandoned for decades.