Brazil has been a favoured destination for UK investment

UK-based property investors have been focusing their efforts on purchasing real estate in Brazil over the past year, it has been reported.

According to Overseas Property Professional (OPP), buyers have spent more than £30 million on property in the South American destination over the course of the last year.

Investors have been looking to capitalise on the country's well-priced real estate and potential for future growth.

However, the news provider warned that there was a risk that Brazil could soon be competing with markets closer to home, with prices threatening to match their European counterparts.

The country's housing shortage, a growing middle class demand for holiday homes and the attention brought by the upcoming football World Cup and Olympic Games could lead to a significant rise in values.

However, Clive Hawkes, of Brazilian property company Bond International, explained that the reasons behind the price growth would ensure that demand remained strong.

"Brazil's very big market for internal tourism and growing local demand for property will help it compete as an investment destination," he told OPP.

"When we reach this equilibrium, Brazil will probably be so in people's minds that it will still be a favourite because of its tourism potential."

Furthermore, new research, conducted by STR Global, has found that Brazil is experiencing a resurgence in interest from British travellers, in comparison to last year.

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