Hawaii is the top destination for International real estate investors, according to a study by Luxury Portfolio International. That’s not a surprise. The Aloha State seems far away from our world, and everything that represents, in the Pandemic Era. It’s a paradise, something in a dream. But look on a map and there it is – eight major islands. Lifestyle enrichment, plus all the necessary amenities one needs, that’s the objective among international real estate investors. And Hawaii real estate scores.
Luxury Portfolio International’s study canvassed the some of the world’s most affluent households in the study. LPI is the luxury division of Leading Real Estate Companies of the World, the largest global network of residential real estate firms.
According to the LPI study, one in five (20%) luxury home buyers seek a residence in Hawaii. The continental United States (8%), France (6%), China (6%), New Zealand (5%), Mexico (4%), Greece (3%) and Canada (3%) complete the top destinations globally.
Canada’s best luxury website: Quality of life is what sells international buyers the most on Hawaii real estate
Says Mickey Alam Khan, President of Luxury Portfolio International: “Hawaii tops the list for international property purchases. Our report shows affluent buyers are interested in regions which provide for their needs. That’s great entertainment as well as investment opportunity and lifestyle enrichment.”
The new study showed the median projected spend of luxury buyers for their next home is $2.75 million, with 28% spending $5 million USD-plus. The primary reason for purchasing overseas is a better quality of life (75%). Then that’s followed by the investment potential from owning in the chosen country (69%). More than half (58%) are opting for locations which offer flexibility they may not currently enjoy, such as land ownership or a second passport.
The research revealed proximity to city or town neighborhoods is less important for international luxury homebuyers. These consumers are most interested in homes close to nature, by the ocean, or in a resort community. A lake or river view is considered the most attractive.
Being able to work at home is another popular selling point
And tops on international home buyers’ wish list is a home that offers the modern needs of living, working and playing at home. That’s part of draw to Hawaii real estate. That’s similar to studies of luxury home buyers in Canada. You feel like you’re on a paradise island somewhere, but in the end you own a home that’s part of the U.S. There’s a sense of security and familiarity that comes with that.
Top of that wish list is excellent broadband speed and plenty of space as well as good quality leisure and entertainment facilities.
Investment properties are among the most popular reasons for purchasing a home (27%) as well as a holiday residence. Buyers have also indicated they are most interested in a single-family residence which is relatively new – preferably built within the past five years.