Those who fancy the idea of purchasing a bargain Italian house may be interested in a town that is offering €1 homes and waiving the requirement for purchasers to pay a deposit.

The town of Laurenzana is located in Potenza in Italy's Basilicata region. It is offering abandoned houses in different sizes through the scheme to encourage newcomers to move to the area, reports CNN. There are a number of similar schemes operating throughout the country, and while the regulations may differ slightly depending on the town, such schemes usually require buyers to hand over a deposit of several thousand euro.

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These sums are returned to them when the work on their property is finished. Laurenzana is waiving the deposit guarantee requirement to make the process easier for applicants. The amount of repair work required on each house differs from property to property, and remodeling plans must be approved before the applicants are approved. If successful, buyers must begin work on the renovations within three months of purchase and complete it within three years.

The village of Laurenzana has its origins in the Middle Ages, and one of its attractions is Castello di Laurenzana, a former 12-13th century castle set on top of a cliff. The village is enclosed by a wall equipped with round escarpment towers, and has a historic center with a maze of alleyways. Other attractions include the nearby Appennino Lucano Val D'Agri Lagonegrese national park, which covers an area of 330 hectares and offers mountain-biking and walking activities.

Potential buyers interested in moving to Laurenzana under the scheme must download an application form for a home and specify their proposed renovation plans. Further information on Laurenzana can be found on its website here.

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