There are six major islands to consider when thinking of purchasing a property in Hawaii but, whichever one you choose, you can be sure of a warm welcome
Hawaii has become synonymous with images of crystal clear water, beautiful beaches and rugged landscapes – all bathed in vast amounts of glorious sunshine. It’s little wonder that its islands attract increasing numbers of tourists each year as well as prospective property buyers hoping to stay rather longer.
Erik Henshaw, Hawaii Life Real Estate, affiliate of Christie’s International Real Estate, reports that a series of new towers rising along Ala Moana Beach and in Waikiki have made Honolulu the top performing luxury market in the State of Hawaii. “These new developments have benefited from pent-up demand locally as well as an uptick in international buyer interest,” he says. “Honolulu with its recent Art Biennial, countless new restaurants, and other cultural activities is fast becoming the cultural capital of the Pacific.”
The resort areas along the North Kona Coast of the Big Island have historically been the state’s top luxury market and, despite being surpassed this year by Honolulu, Mr Henshaw advises that they continue to be strong. “Perfect weather, dramatic landscapes and easy access make this area a perennial winner,” he continues. “The area has long attracted the titans of Silicon Valley and finance. At Christmas time there are often so many private jets that they have to park them on the neighbouring island of Maui.
“Kauai’ North Shore, especially Hanelei Bay, is attracting tech and finance buyers from the San Francisco Bay area, much like it did a decade ago with young Hollywood. The laid-back surf lifestyle, lush tropical setting and small-town vibe is the perfect escape for these busy entrepreneurs looking for that authentic Hawaii experience.
“Maui proves especially popular with West Coast and Canadian buyers. The West Maui beach resort of Wailea and Makena and the South Maui resorts areas of Kaanapali and Kapalua dominate the luxury market on Maui with their quintessential resort life of sun, sand and golf mixed in with luxury shopping and dining.”
Mr Henshaw says that the average starting point for a high-end home in Hawaii is $2.2 million. “We are breaking through past price barriers on the upper end. Recent sales of penthouses in the new luxury towers have broken the $20 million mark and Hawaii Life has a penthouse listing in the city’s premier luxury tower, Waiea, for $36 million. On Kauai, Hawaii Life has listed a home for $70 million and on Molokai, a ranch for $260 million. All of these properties are receiving significant interest.
“We are forecasting strong growth for Oahu for both the new residential towers as well as older luxury home markets such as Diamond Head and Kahala. New luxury resort areas like Kohananaike on the Big Island and Kukkui’ula on Kauai are also attracting interest and driving luxury sales and raising price points with local economists predicting increases of 4-7% for the foreseeable future.”
