You can own a house in Italy for 1 euro or less. Just kidding. Actually we aren’t. Anyone can own a house in the picturesque villages in the Italian countryside for less than Rs 100 as part of a unique scheme.

The town of Maenza has joined the growing list of settlements where houses are being sold for 1 euro each. The town is located just over 70km to the south east of the capital of Rome, in the Latium region.

"We're taking it one step at a time. As original families get in touch and hand over to us their old houses, we place these on the market through specific public notices on our website to make it all very transparent," Mayor Claudio Sperduti told CNN.

Italy's 1-euro scheme started over two years ago, as several smaller settlements were looking to battle depopulation and an ageing citizenry. Italy has the world's second oldest population after Japan, and has been steadily witnessing declining birth rates. The 1-euro scheme was launched with the intention of getting people to move in small settlements and revitalise local economies.

The catch

However, a deal this great always has a catch. The homes being offered often require extensive renovation as they have been abandoned for years and require updating with new building codes. In case of Maenza, the homes are not absolutely dilapidated but they still require a lot of work to make them liveable.

Municipal authorities require purchasers to make a hefty deposit of anywhere from 2,000-5,000 euros, which would be returned once renovations are completed. The work must be done within 2-3 years of purchase. The purchasers are often also contractually obligated to either spend some part of the year in their new houses or have people staying for a certain period if they are not operating any business from the premises.

The houses are also often not quite that large, most of them coming in at under 100 square metre. While there are several tax breaks and deductions offered to potential customers, especially for renovating with renewable energy, the deal comes down to paying anywhere between Rs 1.75 lakh and Rs 4.5 lakh for houses that are usually smaller than 1,000 square feet.

Incentives

Local municipal bodies also offer benefits and aid to those who are looking to start a business once they move in. In some cases, municipalities might even pay hard cash in order to entice individuals to move in. Villages in Calabria have offered up to 28,000 euros or Rs 24 lakh over the course of three years to those who would move in the villages by purchasing the abandoned homes. One village in Tuscany offered nearly double the amount in grants and aid, especially for those looking to set up a business.

The schemes are usually open to any adult from any country who can move in within 90 days of allotment and start the renovation work after putting in the security deposit. Several settlements, however, do prefer young individuals with families or those who are looking to start a business.

Maenza's scheme can be found on their municipal website, while those of other municipalities, if open, would be found on their respective websites with the relevant stipulations as well.

(Edited by : Shoma Bhattacharjee)