In the past decade, international buyers have become animportant economic engine for Florida's real estate market, fuelingincredible growth. When the COVID-19 pandemic hit the state,requiring a quarantine that nearly shut down US borders to foreigntravel, it meant that developers were forced to be creative toenable purchase contracts made before COVID-19 to close. Thischallenge was particularly significant in the Orlando area, whichis one of the world's most visited destinations and a new realestate investment mecca for Latin American buyers.

According to the Florida Realtors Association, 55-percent of allinternational real estate buyers in Orlando in 2019 came from LatinAmerica. The majority of buyers come from countries such as Brazil,Venezuela, Colombia, Mexico, the Dominican Republic and Argentina.Many are seeking to buy properties suitable for short-term rentalsto meet the demand created by tourists visiting Walt Disney World,Universal Studios, SeaWorld and Orlando's other numerous visitorattractions.

The trend with international buyers was expected to grow in2020, but the Coronavirus has imposed new challenges for themarket. For example, amid the pandemic, many lenders have left themarketplace for making loans to foreign buyers who are purchasingshort-term rental properties. At the same time, foreign buyers havebeen unable to travel to the US to close transactions, threateningpurchase contracts set to expire.