Götene, 200 miles southwest of Stockholm, is offering 29 plots of land for as little as 1 krona – equivalent to around 7 pence – per square metre.

This idyllic rural town, nestled on the shores of Sweden’s largest lake, Lake Vänern, and boasting UNESCO-rated sites, is hoping to attract new residents amidst an economic downturn and dwindling rural populations.

The scheme, launched last month, initially saw 30 interested buyers, with four securing plots for the bargain price. However, news of the sale went viral, prompting thousands of enquiries from around the world and temporarily overwhelming the town’s phone exchange.

Due to the unprecedented demand, the bidding process has been paused until early August, with a bidding war likely to ensue when it restarts.

While the land may be cheap, building a house is estimated to cost between $280,000 and $375,000 (around £216,000 to £290,000). The town’s only requirement is that construction begins within two years of purchase, CNN reports.

Mayor Johan Månsson is optimistic about the scheme’s potential, envisioning a future where Götene’s population grows beyond its current 13,000 inhabitants.