FROM BBC NEWS : A small town in western Sicily has come up with a revolutionary solution to solve its property problems.

They are offering houses in the town, which sits between two rivers, for just a single euro (81 pence or $1.44).

The idea is the brainchild of mayor Vittorio Sgarbi, convinced it is the only way to revitalise its crumbling historic heart.

Most of the villas were damaged by an earthquake 40 years ago and since then, much of the local population moved out.

"There are 3,700 houses owned by the council, almost all in the old town, that are in danger of falling down - of crumbling and dying," Mr Sgarbi explained.

Adventure

There is a catch - those who buy will be obliged to sympathetically renovate the old houses without changing their style within two years at some significant cost.

Mr Sgarbi initially offered the houses free of charge, to residents of Salemi who agreed to do the renovations.

But then, keen to raise awareness of his cause, he gave the first to football boss Jose Mourinho's new employer, Massimo Moratti, chairman of Inter Milan.

"We're thinking of people who have the sensibility and economic resources to embark on this adventure," Mr Sgarbi said.

"In exchange for a token payment of one euro we will offer them one of these houses and ask that they undertake to restore them within two years while respecting their original characteristics."

A former art critic, who once defined himself as an anarchist, Mr Sgarbi was a senior official in the culture ministry during a previous government led by current Prime Minister Silvio Berlusconi.

Among those said to be keen is former Genesis star Peter Gabriel.

Mr Sgarbi is delighted by the level of interest, saying: "We have had a lot of interest and people are already booking up to come down here".

When i read the title of the post, i almost spammed it.

I want one of the houses!

That way a house would cost less than buying it at full cost or not?
Is it clear how much is needed to restore them?

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Si, ma, even the land would be worth something.
In Kansas visting right now. They were giving land
(lots)away for free. They even had an entire high school for
sale for only $100,000. Saw a house for sale for only $8,000.
Looked at a 5 bedroom house yesterday, that has a basement, upstairs, a huge swimming pool and lots of land for only $295,000.

I believe you can still get 5 or 10 acres (or more?)of land for free in Alaska if live on the land for 5 years or so.

also....do you have a link to any further information?

I could not fins much anyway : Look for Salemi ( the town ) -
The town also activated an email account
case@cittadisalemi.it where whoever is interested can ask information -
Search for "case 1 Euro Salemi " or "Sgarbi case 1 Euro"

I was able to find this video on Youtube about Salemi

Typically, I believe the cost of restoring/rebuilding are around 1000-2000 euros per square metre, so if a 150 square metre house works out at an average 225,001 euros complete, then a quick check on local property prices would give a rough idea if it is a bargain or not.

Thanks Markymark, I thought one would save much more money, but 225.000€ is quite a high price.

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The (very rough) prices I have are for Toscana, so the prices "down south" may be much cheaper - plus to a "canny" Neapolitan, they may be cheaper still! ("canny" is a Scottish term that means "in the know" )