The health of the economy is a vital factor in making investment decisions, whether you're thinking about buying Hawaii real estate or anything else. Not all states are economically equal, and making the right choice can pave the way for satisfaction and prosperity, or disappointment and setbacks. Insight on both the market and the local economy are two sides of the same coin. When it comes to the Maui real estate market, the monthly reports from the Realtors Association of Maui will provide you with data on the trends. As for the economy, some worthwhile information has recently been released via a report from the Hawaii Department of Business, Economic Development and Tourism (DBEDT).
According to the Statistical and Economic Report released in the fourth quarter of 2017, analysts predict that Hawaii can look forward to stable economic growth over the next few years. In terms of numbers, that growth is expected to nudge up by 1.5 percent. As we real estate professionals know, it's the slow, steady growth that makes for a healthy market, and that's also true for the economy as a whole.
Here in Hawaii, both the economy and the real estate market are heavily influenced by the visitor industry, which performed better than expected in the first ten months of 2017, according to the report. They noted an increase of 4.9 percent for arrivals and 7.1 percent for spending in the first three quarters of the year. This growth feeds into real estate values, thanks in part to demand for vacation rentals and luxury second Maui homes.
One of the factors that stood out in the report was the record level of visitors that Hawaii is on track for this year. Airlines are wisely responding to demand by increasing scheduled air seats by 8.5 percent in the first three quarters of next year. Direct flights to neighbor islands like Maui are slated to increase by over 20 percent. Hopefully there will be some competitive rates among them. If the current trend in visitor arrivals continues, 2018 could see 9.5 million visitors, according to DBEDT Director Luis Salaveria.
Hopefully, this information will help you get a sense of what to expect from both the economy and the Maui real estate market. For assistance with the latter, you'll find our contact information at the bottom of the page. Don't hesitate to reach out to us if you're interested in a Maui real estate purchase or you have any related questions that require an expert answer. Mahalo!
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