An Italy property investor has revealed how he gained from purchasing a house in the south of the country using money from his redundancy package.

Tony Manzi, a banker from Kent, invested €98,000 (£85,000) in a property in Metaponto, Basilicata, in 2004, Fly-to-let.co.uk reports.

His move was doubly successfully, both in terms of his capital gains and his rental income, with the property now worth €145,000.

In addition to this, Mr Manzi has been able to let out the home, commenting: "We often rent the property out, either to our family and friends who take it for several weeks at a time, or for holiday periods to the Italians."

This can bring in as much as €750 a week in high season, he added.

Linda Travella of Casa Travella told the portal that as the area is off the beaten track for investors it can offer some "excellent opportunities" for Italy property buyers.

Italy is among the countries that have seen an increase in interest from UK buyers as sterling has clawed back ground in the international currency markets against the euro.

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