If you're worried that Italy has run out of towns selling homes for one euro, don't be. In fact, there's one town that has been quietly selling homes for the price of a cup of coffee and is about to launch a new batch of properties. For buyers, the process is even better than you might imagine.

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You don't need to pay a deposit to secure the right to purchase a dilapidated house; you only need to commit to renovating it. Penne, a town in the Abruzzo region of central Italy, nestled between the Adriatic coast and the Gran Sasso mountains, is selling abandoned homes for the price of an espresso to stem population decline.

Since the scheme launched in 2022, six houses have been sold, mostly to Italians. According to the mayor, the next "small batch" of properties will be released "in the coming weeks," and it looks like more will be coming down the line. "There may be over 40 empty buildings in town looking for new owners, all located in the historical center, which has been declining since families started moving out decades ago," Penne Mayor Gilberto Petrucci told CNN Travel.

"While our total population is around 1,200, only 1,000 live in our beautiful old district, which risks turning into a ghost town." Petrucci, who was born and raised in Penne, felt compelled to do something to breathe new life into his hometown's ancient core before it was too late: "It saddens me to see these homes abandoned there. It's like a wound." The first three one-euro homes were sold in 2022, and a second batch of three was sold at the end of last year.

The latest batch of houses is the same type as those sold previously: mostly old houses, some dating back to the Middle Ages and further improved during the Renaissance, Petrucci said, although two examples recently sold were built in the early 20th century. The houses have up to three floors and range in size from approximately 750 to 1,300 square feet. According to Petrucci, these old houses mostly belonged to local farming families who fled in search of a better future, especially after World War II, when bombing destroyed much of the town's architectural heritage.

In the 1970s, there was another wave of emigration as families left for the United States, Belgium, and Venezuela, as well as larger towns and cities nearby, to work in factories. Penne's historical center is located in a panoramic position, spread over two hills, and is made up of a maze of arched stone gates and ornate monumental fountains.

Unlike most towns that sell homes at low prices, Petrucci said that Penne has introduced more lenient rules for buyers. "The only requirement is that buyers commit to renovating these homes within three years, but we don't require a deposit to start the works. We really want to encourage and support those who come to revive the old district," he said. Most one-euro home schemes require buyers to pay a deposit of 2,000 to 5,000 euros (approximately AUD 3,400 to 8,900), which is refunded if the work is completed.

Another advantage of the Penne scheme is an agency that assists buyers throughout the renovation process. "We have a team of architects and experts who can offer advice and support during the renovation works, find builders and surveyors, show buyers through renderings what their homes will look like once restored, and offer advice throughout the renovation phase," Petrucci said. According to the mayor, the basic renovation of a small to medium-sized house starts at around 20,000 euros (approximately AUD 34,200).

If there is a scramble for houses, with multiple buyers interested in a small number of properties for sale, then the properties will be sold to those with the best and fastest renovation plans, he said. If you don't want to plan a renovation, there are also many turnkey homes on the market, as well as those that only need a small amount of work. Homes that are already habitable start at 40,000 euros (approximately AUD 68,000).

Petrucci defines his hometown's old district as "an open-air museum," where the architecture blends medieval, Gothic, and Renaissance styles. "We have a glorious past," he said. "Penne has millennia of historical roots that have left their mark on its landscape. The earliest traces of prehistoric settlements date back to the Oscans, an Italic population who lived on high ground to protect themselves from enemies."

Under Roman occupation, Penne was known as Pinna. It was an important point in the communication and commodity exchange network of the time, and the local museum still exhibits Roman sculptures, jewelry, and chairs. Its hilltop location puts it close to Abruzzo's Adriatic beaches and gentle slopes suitable for skiing enthusiasts. The town hosts the picturesque Palio horse race every year, a horse race through the alleys reminiscent of Tuscany's more famous event in Siena.

The surrounding countryside grows a variety of grains: spelt wheat, corn, barley, and the famous durum wheat used to make pasta. Foodies love the local extra virgin olive oil and wines, such as the rosé Cerasuolo and the white Trebbiano d'Abruzzo. Traditional dishes include the pie-like timballo (somewhat like lasagna), maccheroni alla chitarra, a handmade pasta shaped like guitar strings, and delicious grilled lamb skewers.

Italy is certainly arguably the epicenter of the one-euro home scheme in the world, mainly in the southern regions. Sicily is the epicenter, with some of the longest-running schemes. Perhaps the most famous is Mussomeli, located in the heart of the island. Since the town launched the scheme, a large number of foreigners have flocked there, with an Argentinian doctor filling a hospital post, and some have enjoyed the experience so much that they have purchased another property. Across the hills from Mussomeli is Cammarata, where a one-euro sales scheme is run by young locals who returned home during the pandemic.

Also located in Sicily, Sambuca is another town that is much loved for its one-euro homes, and the town launched another batch of homes for sale last year. Now even Italians are getting involved. Many prospective buyers will worry about ruining Sicilian culture. Here's how to buy a home responsibly. If you're wondering what happened to buyers after the media attention disappeared, we spoke to some of them here and here. Meanwhile, another one-euro home scheme can currently be found on another Italian island: Sardinia.