By Kai Ioh and KE TEAM Hawaii
Kai Ioh is a luxury real estate advisor based in Kona, Hawai‘i, specializing in second home, resort, and ultra-high-net-worth markets across the Big Island.
When people think of luxury real estate in Hawai‘i, they may first picture Wailea, Kahala, Diamond Head or Kapalua. But the Kona luxury real estate market tells a different story. Across the Big Island’s Kona and Kohala Coast, a concentration of private resort communities, limited inventory and distinctive ownership experiences have helped create one of Hawai‘i’s deepest high-end residential markets.
From 2021 through the second quarter of 2026, Kailua-Kona recorded more $3 million to $10 million sales than any other area in Hawai‘i, with 386 transactions. South Kohala followed with 286, ahead of Wailea at 219.
The difference becomes even more striking in the ultra-luxury market.
For properties over $10 million, Kailua-Kona recorded 106 sales between 2021 and 2026, more than double Wailea’s 50. South Kohala also ranked among the state’s leaders with 20 transactions.
I have been working in Kona and Kohala Coast real estate for many years, so the strength of this market is not surprising to me. But I still find that many buyers, especially those coming from the mainland or abroad, do not realize just how important the Big Island has become in high-end Hawai‘i real estate.
Once you understand the communities behind those numbers, it starts to make sense.
Key Takeaways
Kailua-Kona (North Kona) recorded Hawai‘i’s highest transaction count in both the $3 million to $10 million and $10 million-plus categories from 2021 through Q2 2026.
North Kona’s concentration of private resort communities, including Kukio, Hualalai and Kohanaiki, helps explain the depth of the market.
Scarcity has become one of the defining characteristics of communities such as Kukio and Hualalai.
Buyers comparing Kona and the Kohala Coast need to look beyond purchase price to club structure, privacy, amenities, access and lifestyle.
At the ultra-luxury level, individual properties often need to be evaluated within very specific micro-markets rather than through broad market averages.
Hawaii’s 2026 Luxury Market at a Glance
While we see some softness in the general market, the statewide luxury market remains active, although it is certainly different from the extraordinary pace we experienced during 2020-2021; it is still very active,
Title Guaranty’s 2026 report shows that cash continues to play a major role. During the reporting period, approximately 70% of statewide luxury purchases were cash transactions, compared with 30% financed.
The luxury market often reacts differently from the broader residential market. Mortgage rates certainly matter, but they do not tell the whole story when a large percentage of buyers are purchasing without financing.
Hawai‘i Island is even more cash-driven. In 2026 year-to-date, 77% of the Big Island luxury transactions were cash purchases.
The statewide rankings are also interesting because they do not necessarily match what many people expect.
Kona and South Kohala sit alongside some of Hawai‘i’s best-known luxury destinations, including Wailea, Hanalei, Kahala, Kailua, Kakaako, Diamond Head, Koloa and Kapalua. Yet Kona has consistently produced the highest transaction count at both the luxury and ultra-luxury levels.
Why Kona Continues to Lead Hawaii’s Luxury Market
Looking specifically at 2026, Title Guaranty identifies North Kona as Hawai‘i Island’s resort luxury leader.
North Kona recorded 46 sales over $3 million, including 15 transactions over $10 million in the first half of 2026. South Kohala recorded another 34 sales over $3 million and five over $10 million.
Those numbers are impressive, but I think the more interesting part of the story is what sits behind them.
A large part of Kona’s strength comes from the concentration of exceptional private resort communities along a relatively small section of coastline.
Kukio, Four Seasons Resort Hualalai, and Kohanaiki have created a luxury lifestyle that is difficult to replicate. You have privacy, beaches, golf, dining, club amenities, and very low-density residential environments.
At the same time, Kona International Airport is nearby, making these communities surprisingly accessible for second-home owners traveling from the West Coast and beyond. It is also very convenient for those who travel with a private jet.
The Big Island has been building this market for a long time.
In one of my earlier market analyses, I wrote about how Kailua-Kona and South Kohala had already established leadership well before the pandemic. The pandemic accelerated demand for privacy and space, but it did not create the Big Island luxury market.
Kona’s Resort Market Is Different From Mainland Luxury Markets
In many mainland markets, buyers can compare a relatively large number of similar homes in the same neighborhood. In Kona’s most exclusive resort communities, the number of truly comparable properties may be very small.
A particular combination of ocean frontage, view, club membership, architecture, privacy, and location may occur only a handful of times in an entire community.
Price per square foot remains useful, but it is only one part of the analysis.
Kukio and Hualalai: Scarcity Is Reshaping Value
Two communities deserve special attention: Kukio and Hualalai. Both have extremely limited inventory, and that scarcity has become a defining characteristic of the current market.
Kukio
At Kukio, there were 7 sales, with an average sale price of approximately $22.76 million and a median of $21.5 million. Average building price per square foot reached approximately $4,551, with a median of $4,552.
Hualalai
At Hualalai, there were also 7 sales, with an average sale price of approximately $18.45 million and a median of $16.5 million. Average building price per square foot was approximately $3,413, with a median of $3,590.
Those numbers are remarkable, especially when compared with the market several years ago.
In 2020, Kukio’s average price per building square foot in the same analysis was approximately $2,091. Hualalai was approximately $1,331. The market has changed considerably since then.
But price per square foot alone does not fully explain these communities.
At this level, buyers are not simply buying a certain number of bedrooms or square feet. They are buying location, club access, proximity to the ocean, privacy, services, architecture and a lifestyle that may have very few substitutes.
And perhaps most importantly, they are buying something that can be very difficult to replace. When only a handful of suitable homes are available, traditional real estate comparisons become less useful.
Kukio, Hualalai and Kohanaiki Offer Distinct Ownership Experiences
From a distance, Kukio, Hualalai and Kohanaiki may appear similar. All offer exceptional homes, golf, ocean access and world-class private resort amenities. Once you spend time in them, however, they feel very different.
Kukio
Kukio is extremely private and understated, with a strong club culture and some extraordinary oceanfront and near-oceanfront homes. Not many have even seen the clubhouse or the amenities; many people don't even know it exists.
For buyers who value privacy and a private-club environment, it offers a very specific ownership experience.The membership has run out, so it is harder to get into Kukio now.
Hualalai
Hualalai offers a different experience, with the Four Seasons resort environment, restaurants, golf, spa facilities and a more established resort ecosystem. For some owners, having those amenities integrated into daily life is a major part of the appeal. Hualalai is not as exclusive as Kukio and Kohanaiki but has a name everyone recognizes. Rental is allowed, and it is easy to use for corporate purposes.
Kohanaiki
Kohanaiki is newer and has developed its own identity, combining contemporary homes with a highly social private-club experience. It has an amazing clubhouse and is family-friendly.
I do not believe there is one “best” resort. A better way to look at it is to determine which resort fits how you want to live. And the budget, of course.
Ultra-Luxury Growth Along the Kohala Coast
Another important development is that ultra-luxury activity is not limited to Kukio and Hualalai.
In 2026, we have also seen a $38 million sale at Mauna Lani, another reminder that buyers at this level are willing to look across the broader Kona and Kohala Coast when a truly exceptional property becomes available.
Mauna Lani, Mauna Kea Resort and other South Kohala communities have their own appeal, particularly for buyers who may not need exclusive world-class amenities. This broader market is important because it gives buyers choices.
A buyer considering a $15 million to $25 million home could potentially be looking at Kukio, Hualalai, Kohanaiki, Mauna Lani or Mauna Kea Resort.
The homes may be in a similar price range, but the ownership experience can be very different.
Comparing Resorts Goes Far Beyond the Purchase Price
This is one area where I spend a lot of time with clients. The purchase price is only one part of the decision.
Depending on the community, buyers may need to consider:
Club membership costs and transfer fees
Annual club dues
HOA or resort fees
Golf access
Beach access
Dining and fitness facilities
Rental restrictions
Privacy and security
Distance from Kona International Airport
New-construction opportunities
Available inventory
Oceanfront versus golf-course locations
Overall culture and lifestyle of the community
For some buyers, an active club environment is very important. Others want maximum privacy. Some want to walk to restaurants and amenities. Others prefer a larger estate with almost complete separation from resort activity.
Neither approach is better. They are simply different.
Those differences are also difficult to understand just by looking at online listings.
Experience Across Big Island Resorts Adds Important Context
One of the advantages I have in helping buyers is that I work with clients throughout the Big Island resort market, including the highly private communities.
My experience includes clients across communities such as Kukio, Hualalai, Kohanaiki, Hokuli‘a and the major Kohala Coast resorts. That exposure allows me to help buyers compare communities side by side rather than viewing each property in isolation.
What are the advantages? What are the compromises? What does ownership actually cost? How much inventory is available? How does one club feel compared with another?
And perhaps most importantly, which community matches the lifestyle you are trying to create?
That conversation is often more valuable than discussing the house itself.
Limited Inventory Changes the Buyer’s Decision
If you are considering the Big Island ultra-luxury market, scarcity deserves attention.
In communities such as Kukio and Hualalai, waiting for many similar homes to come on the market may not be realistic. That does not mean you should rush.
Quite the opposite.
It means understanding the market well enough to recognize when the right opportunity appears. Of 14 homes and villas sold in Hualalai Resort, 9 sold off-market. And these stats include our clients.
At the ultra-luxury level, sometimes the question is not whether another comparable home will become available next month. The question is whether another genuinely comparable home will become available at all.
Common Misconceptions About Kona Luxury Real Estate
One common misconception is that the pandemic created Kona’s luxury market.
It did not.
The pandemic accelerated certain preferences, particularly demand for privacy, space, and second homes. But Kailua-Kona and Kohala Coast had established luxury and resort communities well before that shift.
Another misconception is that properties within the same price range are interchangeable.
A $20 million home at Kukio, Hualalai, Kohanaiki, Mauna Lani or Mauna Kea Resort may offer a very different combination of membership, amenities, privacy and day-to-day lifestyle. Understanding those differences is one of the most important parts of evaluating Big Island resort real estate.
Kona’s Luxury Leadership Is No Accident
Kailua-Kona leads Hawai‘i in both the $3 million to $10 million category and the $10 million-plus category for the 2021 through Q2 2026 period. Behind those numbers are communities that offer something difficult to reproduce: extraordinary natural beauty, sophisticated private clubs, world-class golf and beaches, privacy and a surprisingly relaxed lifestyle.
That combination continues to attract buyers from the mainland and around the world.
For anyone comparing Kukio, Hualalai, Kohanaiki, Mauna Lani, Mauna Kea Resort or another Big Island luxury community, I believe the most useful place to start is lifestyle rather than simply price.
Sometimes the most important real estate decision is not choosing the right house.
It is about choosing the right lifestyle.
Source: Title Guaranty Escrow & Hawaii Information Service MLS
Frequently Asked Questions
Why is Kona one of Hawai‘i’s strongest luxury real estate markets?
Kona combines private resort communities, limited residential density, beaches, golf, club amenities and convenient access to Kona International Airport. From 2021 through Q2 2026, Kailua-Kona recorded more $3 million to $10 million and $10 million-plus transactions than any other area in Hawai‘i.
How many $10 million-plus homes sold in Kailua-Kona from 2021 through Q2 2026?
Kailua-Kona recorded 106 sales above $10 million during that period. By comparison, Wailea recorded 50. The figures illustrate the depth of Kona’s ultra-luxury market during those years.
Why are so many Hawai‘i luxury real estate purchases made with cash?
Luxury buyers are often less dependent on mortgage financing than buyers in the broader residential market. According to the 2026 data cited here, approximately 70% of statewide luxury purchases were cash transactions. On Hawai‘i Island, the figure was approximately 77% year-to-date.
Why is inventory so important in Kukio and Hualalai?
Both communities have a limited number of properties, and only a small portion may be available for sale at any given time. As a result, buyers may have very few direct substitutes for a particular home, location, view or ownership experience.
What is the main difference between Kukio, Hualalai and Kohanaiki?
All three offer luxury homes, golf and ocean access, but the ownership experiences differ. Kukio emphasizes privacy and private-club living. Hualalai is integrated with the Four Seasons resort environment. Kohanaiki combines contemporary residences with a more social private-club atmosphere.
Is Mauna Lani part of the Big Island ultra-luxury market?
Yes. Ultra-luxury activity extends beyond North Kona. A $38 million sale at Mauna Lani in 2026 illustrates that buyers at the highest price levels may consider properties across both Kona and the Kohala Coast when exceptional homes become available.
Is price per square foot a good way to compare Kona luxury homes?
It can be useful, but it should not be used alone. Ocean frontage, views, club access, lot position, privacy, architecture, renovation quality and proximity to amenities can create major value differences between properties with similar square footage.
What should buyers compare when choosing a Big Island resort community?
Buyers should consider club membership costs, annual dues, HOA or resort fees, beach and golf access, restaurants, fitness facilities, rental restrictions, privacy, security, airport access, available inventory and the general culture of each community.
Did the pandemic create Kona’s luxury real estate market?
No. Kona and South Kohala were established luxury markets before the pandemic. The pandemic increased demand for privacy, space and second homes, but it accelerated an existing market rather than creating one.
Is there one best luxury resort on the Big Island?
There is no single resort that fits every buyer. Kukio, Hualalai, Kohanaiki, Mauna Lani and Mauna Kea Resort offer different combinations of privacy, amenities, club culture and lifestyle. The more useful question is which community best matches how an owner wants to live.
