It’s one of the most popular places on earth, and people from all over the world visit and move here every year. Some want to live somewhere warm, while others come to visit and never leave. Maui’s warm, temperate year-round climate is always a draw. Whatever your reasons for relocating to Aloha State, Maui is an ideal place whether you are building a home, starting a business, or relocating one.
Everyone has their reasons for coming to Maui and staying. Maui’s incredible scenery and ideal climate make it even more attractive. As if you didn’t need another reason, here are the top three excellent reasons to build in Maui.
The Economy
Maui’s economy Is both strong and diversified. For a small island, it has quite several industries, including agriculture. While pineapple and sugar were prominent industries in years past, tourism and construction are now the leading industries. The Maui Economic Development Board was founded in 1982 with the mission of diversifying Maui’s economy, including the development of the technology sector.
The MEDB includes the 330-acre Maui Research & Technology Park in Kihei. The MEDB’s TechOhana is a networking group for fostering relationships within the tech community.
Maui’s location makes it ideal for renewable energy development. solar, wind, and hydroelectric power generation are being developed and tested here. The idea is to reduce or even eliminate Maui and Hawaii’s dependence on imported oil and coal for energy. The Kaheawa Wind Farm located above Ma’alaea is the initial venture of FirstWind’s plans for wind farms on the Island, along with several others. Currently, this wind farm produces roughly 10% of the energy for Hawaiian Electric (formerly MECO) and as much as 30% during peak periods.
The Valley Isle produces a wide range of crops, including coffee, sweet potatoes, macadamia nuts, bananas, coconuts, and other popular tropical fruits. the crops are both used locally as well as exported to the Mainland and the rest of the world. Maui’s farm-to-table cuisine is becoming more available with local chefs producing both fine and casual cuisine with locally sourced ingredients.
The economy is not only stable, but it’s also growing. All of these industries offer opportunities for both individuals and businesses interested in building and Maui.
The Real Estate Market
Even as a small island in the middle of the Pacific, people are still moving here in droves. They’re interested and buying property and Maui, both for commercial and residential purposes. The real estate market in Maui is strong, with a high demand for quality property. That makes it an attractive place to both build and invest.
After record home buying during the pandemic, prices are expected to ease just a little, but not that much. The median price of a home in Maui is up 8.4% compared to the prior year, the median price of $992,000. Maui county homes sold after about 68 days on the market. In December of 2022, there were just 130 homes sold, down from 285 from the prior year. But the average price of a condo went up 6%.
But because demand is so strong, Hawaii’s economy, in general, is very healthy and housing prices won’t fall any further than 1% to 2%. Furthermore, the real estate market here is highly resilient. It’s driven by second homes and vacation rentals, which will likely lead to another strong year in 2023.
Tourism
As one of the most desirable places in the world, tourism is one of the top industries. That means multiple opportunities for anyone interested in hotels, resorts, and rental properties, as well as hospitality, retail, and food and beverage sectors.
The pandemic dampened Maui’s tourist industry. The visitor count in 2022 was down, but spending was up from 2019, an increase of 15.2%. Hawaii’s Department of Business, Economic Development, and Tourism (DBEDT) Director Chris J. Sadayasu expect tourism to be fully recovered by 2025.
Let Pro Draft Design Your Next Building Project
Pro Draft has been helping bring ideas to life in Maui for 30 years. We’re ready to help with drawings, interior design, “green design” with LEED certification, project management, and permit expedition.
We can help with architecture, drawings, blueprints, and permits, and answer all your questions before the first day of construction. We’re happy to help and will work to ensure your project is exactly the way you envision.
Call Pro Draft today at (808) 579-9050 or 1-800-499-4699 from the Mainland
