When Kent based banker Tony Manzi took a redundancy package in 2004, he needed somewhere safe to invest the lump sum as security for his wife Christine and daughter Jennifer.

While watching ‘I Want That House’ the TV series based on overseas homes, his attention was drawn to a fairly new complex situated near Metaponto, Basilicata, and he decided to invest €98,000 in one of the properties.

“I assumed that prices in Italy would be out of my range but was astonished to find that they were not,” said Tony. According to Italian specialist Linda Travella of Casa Travella, the property is now worth around €145,000.

The property is a two-bedroom apartment with a veranda and a shared pool. Furniture was included in the package and the Manzi family have discovered that as well as providing a holiday retreat for themselves and friends, it has also been ideal for rental income and the capital growth has been first-rate.

Tony said: “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. In the high season we can get as much as €750 euros a week.”

Linda Travella of Casa Travella said: “ Basilicata is still not a widely known area and it offers some excellent opportunities for investment. Just like England, there are pockets in Italy where the area is beautiful but properties offer better value for money.

“Basilicata is located in the ‘instep’ of the Italy’s ‘foot’. It is a rustic area unspoilt with high-rise buildings and urban spread. This is the “real Italy” and the rural ambiance and the warm seas and pretty beaches all have a great deal of appeal. It must be good; the Italians choose to take their holidays in this region.

“I have another client who has also found the benefits of a property investment in Italy. She bought a two-bedroom apartment in Metaponto, Basilicata around four and a half years ago. She will therefore gain the advantage of not paying Capital Gains Tax if she waits the statutory five years before selling. In essence, in five years, she has seen a growth on her particular home of around €50,000.”

Tony concluded: “I had assumed Italy would be beyond my reach but I have been very pleasantly surprised. We did not realise initially that there is no Capital Gains Tax if we do not sell for five years and that Italy has no Inheritance Tax. These are all important matters to take into account when spending a sum of money where you want to make sensible decisions for your future.”

Currently also available through Casa Travella are properties at Policoro Tarantino. These form part of a development located 500 metres from the sea in Policoro. There are two types of properties, either attached villettas or loft apartments with sloping roofs. Both have air conditioning, and private parking.

The villettas also benefit from a private garden and consist of living room with corner kitchen, two bedrooms, bathroom and veranda.

Prices for villettas start from €125.000. Apartments start from €80.000.

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