The Maui real estate market is influenced by the visitor industry in many ways. Buyers often use their real estate investment for short term vacation rentals, visitors become owners, and new residents carve out their own place in this growing part of the economy. Opportunities abound, especially considering the current trends.
The Maui visitor industry is on the rise with several very strong months toward the end of 2015. December’s statistics from the Hawaii Tourism Authority aren’t out yet, but their November statistics revealed an increase in arrivals and visitor days by 2.8% and 3.8%, respectively, compared to November of 2014.
There was also a 7.5% increase of visitors who only stayed on Maui, which was echoed throughout the neighbor islands, although not quite as strongly, with the growing trend of visitors spending the duration of their vacation on just one island. Visitor spending was up 5.2% in November, partly due to a 1.3% increase in daily spending. Arrivals were up from the US West and East, but down from Japan and Canada.
As for year-to-date trends, Maui saw a 5.1% increase in arrivals compared to the first 11 months of 2014. Spending was also up 5.8% to $3.8 billion.
Considering all of this growth in the visitor industry, which represents the largest slice of Maui’s economy, it’s no wonder the real estate market has been so busy. Selecting the right Maui real estate investment requires many important decisions, so if you need expert assistance, we would be happy to help. You’ll find our contact information at the bottom of the page. Mahalo!