A tiny village called Ollolai is losing residents at a staggering rate as they are leaving the hamlet for bustling city life.

According to Business Insider tiny villages like Ollolai across Italy are selling their properties for just €1. However, in exchange the new owners will have three years to renovate their new properties.

This could cost around £20,000.

Efisio Arbau, the mayor of Ollolai told CNN, “My crusade is to rescue our unique traditions from falling into oblivion.”

According to law firm, Magaraggia who advises people on how to buy and sell and manage their properties across Italy, Ollolai initially received 5,000 requests to buy the first tranche of 100 properties.

The program was then put on hold as the Italian government seeks new properties to sell.

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