Orlando real estate market flourishes even with COVID-19

“Despite the blow from the novel coronavirus to the US and global economy, Orlando’s residential real estate market is now experiencing an unexpected boom coinciding with the reopening of Walt Disney World and other theme parks.

A report from the Orlando Regional Association of Realtors, the average price of homes sold in May increased more than 7%, which shows the strength in the real estate market of the locality in Florida.

“Orlando is one of the markets that has been able to recover the fastest due to pent-up demand,” said Cliff Long, CEO of the Greater Orlando Regional Realtors Association, in a public statement.

Long added that “after months of quarantine, many people are now looking to travel with their family and Orlando is the quintessential family destination market,” but also “the demand for family travel is spilling over into the real estate market, as many people like to shop at the places they visit.”

International buyers, particularly from Latin America, especially from Mexico, Brazil, Colombia and Argentina, play an important role in strengthening this real estate market.”

Source: Real Estate America