Property investors are overlooking the strength of Brazil's housing industry, it has been claimed.

According to Guilherme Reboucas, a money manager at Itau Unibanco Holding SA, the country is enjoying strong economic and real estate growth, Bloomberg has reported.

Individuals looking for property in Mato Grosso may be interested to learn that the country's economy is expected to expand by 6.5 per cent this year - its fastest growth for over two decades.

Furthermore, house values in the country are continuing to rise, with the cost of a new apartment in Sao Paulo up 22 per cent per square metre in comparison to a year ago.

"There have been times when you had to look at the smaller homebuilders to find value, but now you can basically buy anything in the sector," Mr Reboucas told the news provider.

Last year, property investors from the UK spent in excess of £30 million on property in the South American destination, Overseas Property Professional has reported.