Brazil has been named as the number one destination for buyers to purchase property in during 2011 by a leading investment advisor company.
Overseas consultancy Colordarcy has tipped the South American destination to be a favourite among investors thanks to its “excellent governance” and “rapidly growing economy”.
In addition, the organisation noted that the forthcoming World Cup in 2014, Olympic Games in 2016 and the recent discovery of oil in Brazil also boosted its prospects for the year.
Colodarcy added that the final decision was a “toss up” between Brazil and Turkey.
"Both now have stable and rapidly growing economies and both are seeing growing affluence in the population which will cause demand for housing to outstrip supply by a large and increasing amount," company director Loxley McKenzie said.
The third choice investment destination was the USA, while Egypt was named the fourth hottest investment destination for 2011 thanks to the abundance of cheap property that can be found in either destination.