Maui is a force to be reckoned with when it comes to the visitor industry. Those in search of South Maui homes and condos enjoy the option of renting out their future property to visitors in order to make some extra cash. What makes these opportunities more exciting is the fact that Maui continues to outperform the neighbor islands overall in terms of the visitor industry. If you're not sure, just take a look at the latest statistics.
A report from the Hawaii Tourism Authority revealed that Maui's visitor arrivals and spending were both up in September. Arrivals increased by 4.5 percent to 177,925, compared to September of 2014. The number of visitors who stayed only on Maui without visiting the other islands increased by 8.1 percent. Daily spending rose 1.1 percent to $207 per person, while expenditure growth rose by 5.7 percent to $279.1 million.
In the first three quarters of the year, Maui saw 5.8 percent growth, the highest among the major islands. During that period, expenditures were up 6.4 percent to $3.2 billion. If you want to live, work, or buy real estate on Maui, try to keep the visitor industry in mind as a source of income. It's the island's biggest economic driver, and savvy investors often find ways to earn income related to the industry.
Let's compare Maui's performance to the other islands in September. Our expenditures were up 5.7 percent to $279.1 million. Meanwhile, Oahu expenditures came out to $560.2 million, but that was a 4.7 percent drop compared to September of last year. Kauai saw an impressive 8.6 percent gain, but it only totaled $101.3 million. The Big Island saw a 6.2 percent drop to $119.2 million.
With that in mind, if you need advice on your Maui real estate investment, and the process of buying a property, you'll find our contact information at the bottom of the page. We look forward to helping you find the right real estate for your needs. Mahalo!
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