A town in Italy is going to pay people $31,000 to move there, but there's a catch. You must buy and fix up old abandoned homes to get the cash.

• Presicce, Italy is providing roughly $30,000 to people who move to the historic town.
• Anyone who buys a property built before 1991 and commits to restoring it is eligible for the money.

Presicce, Italy is offering homebuyers 30,000 euros, or about $31,000, to purchase its abandoned homes.

Located in the Puglia region in Italy's heel, Presicce has a rich history, but a declining population.

It's just the latest small Italian village to try to lure newcomers by dangling major incentives.

Other Italian towns experiencing population declines and struggling with derelict properties have instituted similar programs. Take Santo Stefano di Sessanio, a hilly village in the southern part of Italy, which offered to pay people up to $52,500 to move there. And on the Italian island of Sicily, towns have auctioned off homes starting at around $1.

Other European cities, like Swiss mountain village Monti Scìaga, have also sold homes for just $1 — although the structures that go for this little are often in desperate need of renovation. American cities, too, are using perks from cash to property-tax breaks to a free bike to attract new residents.

Intrigued by Presicce's $31,000 offer? Buyers must commit to refurbishing an empty residential property in the village of 9,000 people, according to its plan, which was first reported by CNN.

"The total funding will be split in two: it will go partly into buying an old home and partly into restyling it, if needed," Alfredo Palese, a goverment official in Presicce, told CNN.

In order to qualify for the money, buyers must purchase a property built before 1991 and take up residency in Presicce. According to CNN, applications for the Presicce program have yet to launch, but will be made available in upcoming weeks.

"There are many empty homes in the historical center built before 1991 which we would like to see alive again with new residents," Palese said. "It is a pity witnessing how our old districts full of history, wonderful architecture and art are slowly emptying."

In 2019, Presicce merged with neighboring town Acquarica to form a new comune — like a county — called Presicce-Acquarica. That merger allowed the region to receive more funding from the Italian government, Palese said, which is being used to revitalize the community.

According to Italian listing site Immobiliare, homes in the Presicce-Acquarica comune normally sell for 669 euros, or about $690, per square meter. A typical home of 46 square meters, or about 500 square feet, would normally cost just over $31,000.

People who have taken advantage of the cash incentives granted by various towns have shared their tales of difficult renovations and great joy.

Frank Cohen took advantage a program called "Your House in Latronico," which helps buyers find old abandoned properties on the cheap the southern Italian province of Potenza. He told CNN in September 2021 that he and he wife bought three homes in Latronico for less than $52,000 and have relished the opportunity to fix them up.

"Latronico has been life-changing," he told CNN. "It's the best of worlds here."