Now is your chance to live out your very own version of Under the Tuscan Sun.

Ollolai, which lies at the centre of the Italian island of Sardinia, a winding 110-mile drive north of the capital Cagliari, is offering up hundreds of abandoned houses for less than the price of a small coffee.

Nestled away in the mountain region of Barbagia on the Mediterranean island, the town is selling houses for just €1, or AU$1.57.

The scheme was introduced by Ollolai’s mayor, Efisio Arbau, in an attempt to revive the ancient village and prevent it from becoming a ghost town.

“We need to bring our grandmas’ homes back from the grave,” Mr Arbau told CNN.

“We boast prehistoric origins. My crusade is to rescue our unique traditions from falling into oblivion.”

In the past 50 years, Ollolai’s population has halved from 2,250 to 1,300, and around 200 homes have been abandoned as their residents left to find work or a more prosperous future on the mainland or overseas.

Now one of these homes could be yours.

However, there's a catch in this too-good-to-be-true scenario: the stone-built dwellings are in poor condition and require major renovations.

Therefore, those lucky enough to snap up this incredible bargain must commit to refurbishment within three years at their own cost of around AU$31,000.

Despite being in near ruins, three houses have already been sold and Mr Arbau said he had received more than 120 purchase requests from across the world - including Russia, Poland and Australia - by late 2017.

Mr Arbau added that many of the applicants were second-generation migrants who wanted a “point of contact” with the country of their ancestors.

What’s more, a reality show centred around a group of Dutch families as they set up in Ollolai and restore some of the houses is expected to launch in May 2018.

Vito Casula, a retired builder from a nearby town, was the first to make the most of the scheme, purchasing a two-storey house in spring 2016. 

He transformed his new home using local tradesmen and environmentally friendly materials, but kept the original decor, recycling old furniture. 

The mayor hopes that the renovation of the homes will help create new jobs and rejuvenate the local economy.

Locals would happily welcome families and people keen to open or revive businesses in the town.

“It’s not for everybody but if you live here and stay here for a while you’ll [come to] love how our life is,” Maria, a resident of the town, told Seven News.

Many small villages across Italy have tried similar gimmicks in a bid to to avoid the threat of depopulation. 

Gangi, in northern Sicily, placed 100 abandoned homes on the market in 2015 - while Carrega Ligure in Piedmont, Patrica in Lazio, Fabbriche di Vergemolì in Tuscany, Montieri in Tuscany, and Lecce nei Marsi in Abruzzo, also advertised tumbledown houses at nominal price tags.

About Ollolai

Once the capital of the rugged and wild land of Barbagia, Ollolai remains the most raw and authentic area of Sardinia.

Many archaic and pagan traditions are still an integral part of the town’s culture. 

Local shepherds continue to make the moutherwatering Casu Fiore Sardo, a sheep cheese that the area is known for, while artisans still craft beautifully woven baskets.

In autumn, cortes apertas (open courtyards) see stables and ancient granite-and-turf taverns open to the public, offering delicious local wine, ham, cheese and other local specialties.

During the period of Carnevale, in February, locals wear costumes including masks with long horns, fur and dangling cattle bells in a ritual which dates back thousands of years.

Steeped in superstition, Ollolai is a place where women make amulets to ward off bad luck and written prayers hang in cars to keep evil at bay.

The 1,200-metre-high peak Nodu de S’Aschisorgu (the Treasure Rock) boasts a spectacular 360-degree view of the island, while Ollolai’s surrounding lakes, rivers, protected parks, oak and beech tree forests are dotted with cone-shaped primitive settlements called “nuraghi”. 

Though it sits at the centre of the island, Ollolai is still close to picture-perfect beaches.

In fact, the town is just a one-hour drive from the cliffs of Cala Gonone, ideal for snorkelling and scuba diving.