Australia Markets close in 4 hrs 13 mins

Homes in Italy’s wine region are selling for just $1.62

Zungoli, in the Campania region, is selling houses for 1 euro. Images: Getty

Prominent Greek physician and personal doctor to Marcus Aurelius, Galen described wine from the Campania region in Italy as being the best.

Now, nearly two millennia later, you could live in this exact same wine region - still a hot destination for wine travellers.

Campanian town Zungoli has joined the growing list of Italian towns offering homes for sale for just €1 (AU$1.62).

Believed to have been settled around 900AD (so some time after Campania was established as having the best wine), Zungoli is a cobblestoned wonder, with cats slinking around yellow-painted buildings and colourful pot plants filled with flowers.

The idea of selling homes for this price isn’t a new one - Italian councils have been doing so since 2016 as they began grappling with a contracting economy and a mass exodus from the country’s regional areas to its cities.

What’s the catch?

Under the scheme, prospective foreign buyers purchase the homes, stump up a deposit of around €5,000 and promise to restore the properties to their glory and bring people back to the picturesque but struggling towns.

Sambuca and Mussomeli in Sicily, Ollolai in Sardinia and Locana in northern Italy also have similar sales.

Then there’s Grottole, which is inviting four people through Airbnb to come and stay for a temporary term.

While it sounds like a dream come true - and probably will be for many intrepid property renovators - there’s also no denying the state of disrepair some of the properties have fallen into.

According to Forbes, renovators currently making over their Italian properties expect to spend up to €70,000, so these properties are far from a free lunch.

But, it’s worth remembering, you’ll also be living in one of Italy’s oldest wine regions.

Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.