Mayors of the tiny towns across Italy that sell houses for just one euro ($1.06) say that the initiative has worked to repopulate the country's abandoned medieval villages.

The scheme started 12 years ago in the Sicilian mountaintop village of Gangi. Alessandro Cilibrasi sells several of the village's dilapidated houses and says that, while buyers might need a lot of imagination to see the potential, it's a great opportunity.

"Being a medieval village, the houses weren't developed on one level but on multiple, so usually the ground floor was where the animals were kept and then upstairs there is the bedroom and the last floor the kitchen," Cilibrasi told CGTN.

The initiative is aimed at reviving Italy's so-called 'ghost towns' and mayor Giuseppe Ferrarello says there's only one condition.

"The only obligation is that within three years they must renovate the house," said Ferrarello. "They're not obliged to be a resident or be here for a particular amount of time. They can also make it into business, such as a B&B or hotel."

Diego and Roberta Puglisi have bought a couple of one-euro houses in Gangi. "In respect to other beautiful villages, Gangi has a cultural liveliness that is different. For example in the summer there are always performances in the piazza that are of a high standard," says Roberta.

While the scheme is popular with Italians, it's also been a hit with overseas investors. "There are many people who come from all of Europe but there is also someone who comes from Canada, and our friend who comes from America. There are people who arrive from everywhere" says Diego.

After Gangi was declared one of the 'most beautiful towns in Italy' there was a boom in sales and 170 of its dilapidated houses have now been turned into homes.

Mayor Ferrarello says the village has a new identity. "Just this year we organised a party of all those who bought a house as a part of the initiative so they could meet each other and share their experiences. They've really integrated well into the community."

Over the years, Italy's one-euro house initiative has expanded to more than 70 towns across the country. In Sicily, there are 30 towns where you can buy a house for a euro while in Southern Italy there are 20 towns involved and five on the island of Sardinia.

Roberta says it's a wise investment. "It's a good life, yes."

And for their spectacular view across the valley, one euro does seem like a bargain.

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