Italian town sells $1 homes to lure new residents

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  • Ollolai town in Italy is offering 200 abandoned stone dwellings for just $1.25
  • It’s a bid to revitalise the town after its population shrank from 2,250 to 1,300
  • However, buyers must commit to refurbishing the homes within three years

Ever dreamed of living abroad? In a rustic Italian village per se?

Now may be the time to make it happen.

According to CNN, Ollolai, a village on the Mediterranean isle of Sardinia is offering its empty house for the bargain price of just €1, or about $1.25.

Many residents have reportedly left Ollolai for bigger cities; leaving the village filled with abandoned houses so the town’s mayor, Efisio Arbau, aimed to rejuvenate the community via the innovative program, which invites people to buy one of 200 stone houses for a super steal price.

Ollolai is a mountain paradise, with fresh air, quaint cobblestone alleys, lively folk traditions, and fine local crafts and food. But like most too-good-to-be-true offers, the town’s real estate bargain comes with a catch. New homeowners are required to refurbish them within three years — at a cost of about $25,000, according to one estimate.

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