Laurenzana in Italy is selling homes for just $1.50

One of the most extraordinary trends in real estate is showing no sign of slowing down, as another town offloads gorgeous properties for loose change.

If you’re ready to run away from it all, look no further than the quaint town of Laurenzana, Italy, where officials are currently selling homes and buildings for just over a buck.

Laurenzana, in the southern region of Basilicata, is currently peddling about 50 historic properties for one euro ($1.54), Departures reports.

In a bid to lure buyers, Mayor Michele Ungaro has even rolled back renovation deposit fees (which have ranged from about $3080 to $7670 when other Italian towns have organised similar promotions) to $490.

Laurenzana, a town in the mountains of the Basilicata region of Italy.

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To make their case, hopeful homeowners must pitch a proposal to local officials, explaining which property they’d like to buy and their plans for renovation.

According to Travel and Leisure, 10 of the units are old homes “in the historical heart of the town” while the other 40 are abandoned buildings.

Many of these unoccupied units date back to the 19th century and feature charming details like wrought iron balconies and brick archways – but will reportedly require a more thorough flip to be made modern once again.

To that end, Mr Ungaro said that hopeful homeowners should be ready to shell out about $30,800 for such detailed renovations.

Buildings of the church of Saint Mary of the Assumption in Laurenzana.

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Before the deal can be sealed, interested buyers must visit Laurenzana to finalise the transaction – a last step that may not be possible for international clients for at least the next few months, if not longer, due to various travel restrictions amid the global pandemic.

Frustrating as it may be, it could be worth the wait. The ancient town is home today to cobblestone streets, shops, bars and the medieval Laurenzana castle, Departures reports, with proximity to hiking trails and Maratea, a UNESCO World Heritage site.

Salemi and Tronia in Sicily have also listed homes for a similar price in recent months in a bid to bring in new residents.

This article originally appeared on Fox News and was reproduced with permission