I was listening to the BBC this evening, and heard a great story about houses available on Sicily for €1.00!! Of course, there's a catch - you've got to renovate it! The houses are in the village of Salemi and were abandoned after an earthquake in the 1960's.
The mayor of the village is looking for buyers who have "“both the aesthetic sensitivity and the economic resources" to restore and live in these houses. Buyers need to use local architects, builders, electricians and plumbers to help stimulate the economy, but the local authorities will help you navigate the morass of regulations. Renovating one of these houses is also a great way to be green!
For more information, you can visit the Mayor's website here, and click on contatti.