Hawaii’s beauty is probably only exceeded by its present-day cost of living. Prices for everything from everyday necessities to the rarest of luxuries have been climbing for decades, making Hawaii by far the most expensive state of all to live in. If people of normal means increasingly find that fact difficult to deal with, though, it poses no such problems for the wealthy ones who now flock so often to the state.
That can be seen in the skyrocketing prices of Luxury Hawaii homes. If the prices of food, sundries, and consumer goods have been increasing for many years, the real estate situation has been, until recently, quite a bit more subdued. In recent years, though, Beachfront Homes For Sale in Hawaii have been among the fastest-inflating assets of all, as a new wave of extremely wealthy buyers have begun to set their sights on property within the state.
Owning beachfront property in the most beautiful state is not just an aspiration for Americans, either. In fact, many from this new generation of buyers come from elsewhere entirely, flying in to Hawaii determined to leverage their hard-earned wealth.
Hawaii, for instance, has long been a favorite vacation destination for people from East Asia. It is now also increasingly becoming a place for wealthy residents of Japan, South Korea, and China to buy property and settle down. As more buyers from this part of the world compete for the handful of properties the state has to offer, prices are climbing quickly.
Other prospective buyers arrive from Russia and nearby countries. While the fortunes that have been made in that part of the world are often among the largest of all, it has only been in recent years that residents have started to spread the wealth globally. They are now doing so with a vengeance, though, making up for lost time in Hawaii in ways that are also contributing to rapidly increasing real estate prices.
Of course, American buyers remain every bit as important as before, too. They still outnumber foreign real estate buyers substantially, and most of the highest profile sales each year in Hawaii are still to Americans. What is changing, to an extent, though, is the frequency with which Americans pursue luxury properties in the state for investment purposes. Flush with more money than at any time in the past, the wealthiest Americans are finding in Hawaii’s heated real estate market an especially attractive place to stash their cash.
Beachfront Property 