There is a lovely little town in Sicily called Gangi, where a steady decline in population has left hundreds of homes vacant. But despite the small population of about 7,000, Gangi has a nice array of amenities, including restaurants, bars, and markets. Located in the Madonie mountain range, it has even been crowned the “Most Beautiful Village in Italy” and offers a ton of history to explore in the form of 14th century architecture.
The fine print: The available homes in Gangi have been built more recently than the 14th century, but they are in a state of disrepair. The deal is that the city will give you a home for the cost of 1 Euro, and you agree to draw up renovation plans within one year and complete the work within three years. The permit and plan fees alone can run over $17,000 US, added to the material and labor cost of repairs. In the end, it is still a very good deal, but it is quite a bit more than 1 Euro.