This Italian town is selling homes for just $1

Buying a house in metro cities like Mumbai and Delhi is a dream that many people have. With prices on the rise, it could be difficult or a longer wait. But what if  there is a town in a foreign land where you can buy a house for just $1? 

Sambuca, a town in Sicily, Italy, is offering homes for sale for just $1.  Known as the City of Splendor, Sambuca was nominated in the list of Most Beautiful Towns of Italy contest and you can own a house inside a natural reserve for just a $1, but there’s a catch.

Sambuca is ideal someone who enjoys the natural life and wants to live in an area surrounded by the views of Mount Etna or visit historic monuments frequently while enjoying great food and wine.

Although it is promoted that these old houses are being sold for a dollar, interested buyers have to submit a deposit of $5,000. Further, the deposit will only be refunded on the contingency that the houses purchased by buyers are repaired and renovated with a minimum amount of $17,200. So a total of $22,201 is needed to own a house in this town situated on the largest Mediterranean Island.

The properties range between 430 square feet to 1610 square feet.  According to Giuseppe Cacioppo, the Deputy Mayor and tourist councillor, of Sambuca, who spoke to CNN, said that this is a very small price for a nominee of the beautiful towns of Italy. He stated the reason for the selling of houses was that most of the population is old aged and aren’t equipped to maintain a modern economy while the younger crowd has moved to urban cities. “This fertile patch of land is dubbed the Earthly Paradise. We're located inside a natural reserve, packed with history. Gorgeous beaches, woods and mountains surround us. It's silent and peaceful, an idyllic retreat for a detox stay,” Cacioppo said.

He added that 10 houses have already been sold and the tourist councillor has been contacted by people from countries like Switzerland, France and Spain.  "I didn't sleep last night because I was getting so many phone calls," he said. "I received 39,000 emails in response to the offer, including people who want to buy whole blocks of houses.”