The outbreak of the coronavirus in Florida, specifically in Orlando, has not been able to with real estate developers who are determined that the wave of Latin American property investment in the city will not stop.
By Miami Diario Newsroom
In 2019, 55% of all international real estate buyers in Orlando came from Latin America. This according to the Florida Realtors Association, which brings together real estate agents in the state.
The city in central Florida is one of the most famous for its theme parks and other entertainment venues.
Those investors from Latin America are looking for properties such as condominiums suitable for short-term rentals. This is because they generate cash flow thanks to the demand created by tourists; who arrive every year in the most visited city in North America.
Latin American property buyers in Orlando, in 2019, were mainly from Brazil; Venezuela, Colombia, Mexico, the Dominican Republic and Argentina, according to the same source.
For this year, the trend was expected to continue or even grow. But the new coronavirus pandemic broke out and the possibilities of obtaining loans and traveling to Orlando from Latin America evaporated.
Orlando is still affordable
Although the pandemic has caused a drop in transactions, investors such as Cantú de la Paz say that investing now in Orlando is the best time.
"They fear that their currencies will continue to devalue and reach a point where prices in Orlando, which are still low compared to other markets like Miami, are already unattainable for them," says Consuelo Vilar, director of sales in Mexico for The Grove.
Likewise, he added that “above all, they look for investment opportunities with guaranteed returns because it gives them peace of mind., especially during the pandemic.”
The economies in Latin America have grown at an average of only 0,7% per year in the last six years and the Economic Commission for Latin America and the Caribbean foresees a contraction in the region due to COVID-19.
Source: The new day
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