Real estate values may be falling across the UK, but there is a long way to go before you will be able to pick up a property for less than the price of a Sunday newspaper. Some Sicilian properties have reached this dubious milestone already, though it is not because the bottom has fallen out of the local market as you might expect.

Vittorio Sgarbi, mayor of Sicilian town Salemi, is behind the initiative which he hopes will revamp a number of local properties that have laid empty since an earthquake forced then residents to leave their homes back in 1968.

"The properties are evidently of good value," comments Enrico Cristiani of Hamptons International's offices in Italy. "Although the potential could be that you may be restricted in terms of the restoration of the place. For example, you may have to restore within the parameters of the council or to the designated budget!"

Cristiani is right, the main catch with these Sicilian properties is that investors must agree to certain conditions of purchase regarding their restoration. Prospective owners of these well-placed Sicilian properties must meet the standards laid down by the local council as well as respect the original character of the building. You would also only have two years to complete the required restoration work.

Sgarbi hopes to attract buyers who have "both the aesthetic sensitivity and the economic resources to take part in this adventure."

Those who fit the criteria for these Sicilian properties may find themselves in esteemed company, as the rumours are that Peter Gabriel, of Genesis fame, and Massimo Moratti, oil tycoon and owner of Inter Milan football club, have shown interest in the project.

"Sicilian properties do represent very good investment potential, as the region has a ten-month warm season and has been rediscovered only recently," comments Cristiani.

"I certainly believe that Sicilian properties will have a strong increase in value over the next few years. At this time Sicily does offer some of the best opportunities of investment in Italy, together with Puglia – which is also in the southern part of the country."

Some investors may be put off these Sicilian properties by having Mount Etna ominously close – the volcano led to the buildings' current state of disrepair – or the thought of undertaking painstaking renovation. If this is the case there are plenty of Sicilian properties that represent excellent investments and do not need extensive restoration work.

A five-bedroom apartment that occupies the top floor of an entirely renovated eighteenth-century building in Ortigia, Sicily, is available through Hamptons International for 810,000 euros. The property has high vaulted ceilings and enjoys a panoramic terrace with sea views (pictured above). Located in a UNESCO World Heritage site, the residence is 150 metres from the main Cathedral Square and 200 metres from the sea, with Catania International airport 60 kilometres away.

So whether you want a property for under a pound, with ties, or a well presented historic apartment, Sicilian properties do offer good value.

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Article first published 11 September 2008