A couple who bought property in Brazil after holidaying in the country have seen the value of their investment almost double.

Susan and Matt Marshall paid $360,000 (£260,000) plus $55,000 in taxes and fees for their waterfront house in Ferradura and spent $2 million on refurbishments, the New York Times reports.

They are now receiving offers between $3 and $4 million from local estate agents for their home, but cannot be induced to sell after realising their dream of owning a property in Brazil.

"When I came through the front door here, the view was just breathtaking," Mrs Marshall tells the newspaper, referring to her 630 square-metre house, which also boasts a Jacuzzi, small pool and waterfall.

The Marshalls turned the property into a guest house which has five ensuite bedrooms, an open-plan living room, kitchen, office and self-contained two-bedroom apartment for their housekeepers.

Last week, a study by Halifax found that Brazil is one of the most affordable holiday destinations for British people.

Brazilian property investors may be interested to know that an expert has predicted that the country's property market will be one to watch in 2009.

Kevin Brass, writing for the International Herald Tribune's properties blog Raising the Roof, says "big money from around the world continues to flow into the country" which will assist the real estate market.

He insists that Brazil is "still the place to buy a large piece of pristine land."

Mr Brass adds that developers say people are looking to invest in overseas property as an alternative to storing their money in banks and stocks.

The news comes as a recent survey revealed that investors see Brazil as the second best opportunity for investment when it comes to capital appreciation.

A poll of The Association of Foreign Investors in Real Estate's 200 members by the James A Graaskamp Centre for Real Estate at the University of Wisconsin was ranked behind the US, which gained a just over a third of the vote.