CAN'T afford a home in Sydney's tough property market? Try heading over to the small town of Salemi, Sicily, where the mayor is offering houses for less than $2.

Yep, $2. Desperate to reinvigorate the historic town's flagging centre, eccentric mayor Vittorio Sgarbi is adamant the one euro asking price will cause a flood of demand.

The only problem is that many of the properties are barely standing and in dire need of renovation after being virtually destroyed by an earthquake in 1968.

All you have to do is renovate the home completely within two years.

Among those said to have expressed an interest are music star Peter Gabriel and Inter Milan president Massimo Moratti.

Sgabrbi, an art critic and former Culture Minister in Silvio Berlusocni's government, said: "We're thinking of people who have the sensibility and economic resources to embark on this adventure

''In exchange for a token payment of one euro we will offer them one of these houses and ask that they undertake to restore them within two years while respecting their original characteristics.

''We have had a lot of interest people are already booking up to come down here."