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Rural Italian Town Offers Homes for One Euro

iStock/Thinkstock(ROME) -- The depopulation of rural Italy has led the village of Gangi to offer homes for one euro.

The tiny town council is hoping that by putting about 20 homes on the market for the cost of roughly $1.34 in the United States, foreigners will snap up the houses.

Just one hitch: buyers have to promise to renovate the homes.

New owners will have to put down another $6,000 as a guarantee that they will renovate the crumbling houses -- money they'll get back once they do.

The stunning hilltop town was founded in the 12th century, features castles and hiking trails, and is only an hour away from the seaside.
While Gangi -- in Sicily -- is not far from the famed mafia town of Corleone, experts say that organized crime is drawn to major construction projects, not giving new life to small, centuries-old dwellings.

Copyright 2014 ABC News Radio

ABC News Radio