In the past decade, international buyers have become an important economic engine for Florida's real estate market, fueling incredible growth. When the COVID-19 pandemic hit the state, requiring a quarantine that nearly shut down US borders to foreign travel, it meant that developers were forced to be creative to enable purchase contracts made before COVID-19 to close. This challenge was particularly significant in the Orlando area, which is one of the world's most visited destinations and a new real estate investment mecca for Latin American buyers.

According to the Florida Realtors Association, 55-percent of all international real estate buyers in Orlando in 2019 came from Latin America. 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 rentals to meet the demand created by tourists visiting Walt Disney World, Universal Studios, SeaWorld and Orlando's other numerous visitor attractions.

The trend with international buyers was expected to grow in 2020, but the Coronavirus has imposed new challenges for the market. For example, amid the pandemic, many lenders have left the marketplace for making loans to foreign buyers who are purchasing short-term rental properties. At the same time, foreign buyers have been unable to travel to the US to close transactions, threatening purchase contracts set to expire.