The Hawaiian luxury real estate market has always been defined by its breathtaking vistas and unrivaled coastal access, but in 2026, the definition of "luxury" is undergoing a significant transformation. We sat down with Alex Iskenderian, broker/owner of Berkshire Hathaway HomeServices Maui Properties—and Berkshire Hathaway HomeServices Hawaiʻi Island Properties—to understand where the market stands and where it is headed. From the rising demand for turnkey properties to the hidden logistical nuances of island construction, Iskenderian offered insights on what it truly means to live lavishly in the Pacific.

The rise of the turnkey estate

The landscape of high-end real estate in the Hawaiian islands has notably evolved regarding buyer expectations and property standards. "What we're seeing is that the luxury market—both single-family homes and condos—is really warranting a total turnkey offering," Iskenderian shared. "In the past, people would buy what they felt was a fabulous property even if it needed some work or was outdated; they still found value in the proper location, floor plan, and things of that nature. But now, while location is obviously still important, the market has shifted," he explained.

This evolution has created a stark divide between properties that are move-in ready and those that require effort. "Buyers really want properties with nothing left to be done, including furnishings that fit the home very well," Iskenderian observed. This has impacted even the most prestigious inventory currently on the market. "There has been a bit of a shift where I have seen truly top-rate properties—with great views, pools, proper amenities, and located in gated neighborhoods—but if they're not totally turnkey, we're seeing low demand.”

Ultimately, this has resulted in a climate where convenience commands a massive financial advantage. "Now, for whatever reason, people are willing to pay a premium—beyond what I feel is even justified—for a property that is totally turnkey with nothing needed to be done," he shared. Properties requiring even minor attention often struggle to find a foothold, regardless of their potential. Buyers "won’t pay even a massively discounted price for homes that are fabulous but need a little bit of love," Iskenderian pointed out.

The neighbor islands and the different dynamics 

The geographic layout of the islands creates a fragmented market where distinct regions operate under their own sets of rules. "It’s definitely a different dynamic within Hawaiʻi. You have the Neighbor Islands—Kauai, Maui County, and the Big Island—and they each have their own identity. I would say they even have a different buying demographic than what you see on Oahu," Iskenderian noted. 

The functional use of real estate also varies significantly from one island to the next. "On Oahu, there is more condominium luxury, whereas on Maui, it’s more about condominium vacation rentals. There is definitely a different landscape there," Iskenderian explained. 

Even when compared to major coastal markets on the mainland such as California or Florida, the environmental factors on the islands dictate a unique approach to maintenance and design. "We don’t have harsh winters, so we don't deal with the mechanics of keeping a home warm. The same applies to landscaping; everything just keeps growing and growing," he observed.

The geographical diversity of the region allows for these drastically different experiences to exist in close proximity. "Hawaiʻi has so many microclimates that you don’t have to go very far to experience a totally different environment. You can be on the  beach in hot weather, and then 30 minutes away, you’re in a mountainous, countryside environment where you might actually want a fireplace," Iskenderian explained.

This ecological range reaches its peak on the largest of the islands, offering a breadth of choice rarely found elsewhere. "The Big Island probably has some of the most diverse microclimates of anywhere on the planet," Iskenderian noted. He highlighted that the local landscape provides a backdrop for almost any preference, stating, "It gives people the opportunity to live in anything from a desert-like setting to a rainforest.”

Ultimately, the historical and cultural background of the region sets it apart from any other domestic luxury market. "I find Hawaiʻi to be almost like another country compared to other markets in the United States," Iskenderian shared. He pointed out that the local atmosphere remains deeply tied to its past, noting, "We were a monarchy before becoming a state, and you can still feel the nuances of us having been our own country." 

Common misconceptions

For many mainland buyers, purchasing property in Hawaiʻi comes with a learning curve—though not necessarily a disadvantage. Iskenderian noted that island living simply operates a bit differently, particularly when it comes to infrastructure and land use. “Oftentimes, we have requirements for septic systems. Coming from dense city areas on the mainland, people aren't always accustomed to having a self-contained sewage system and leach field on their own property, though it is actually quite efficient,” he said.

Site conditions can also vary depending on location. “In certain areas, you’ll encounter ‘blue rock’—a very dense rock that requires specialized excavation equipment to demo and grade the land. This can lead to unexpected site work expenses,” he shared.

At the same time, Hawaiʻi’s temperate climate creates notable advantages for homeowners and builders alike. “Many homes use stucco or asphalt shingles. Interestingly, because we don’t have severe seasons or harsh winters, you can sometimes get away with building homes that don't require the same heavy-duty specs as mainland areas,” Iskenderian noted. “It doesn't get too cold or too hot... In many ways, it’s almost easier to build here than in most mainland areas.”

The future of Berkshire Hathaway HomeServices Maui Properties

Looking ahead at the trajectory of Berkshire Hathaway HomeServices Maui Properties and its role within the evolving landscape of the islands, the focus remains on a blend of modern professional standards and deep-rooted local heritage. "We have a very youthful group of agents,” Iskenderian said. We’re growing steadily and doing good business. We are obsessed with our ethics and with being proper fiduciaries for our clients." He noted that the team’s effectiveness comes from a connection to the land that goes beyond typical real estate training. "Many of our agents were born and raised here, so we have a deep sense of Aloha. We don’t just know the real estate; we know the islands intimately," he explained.

This local insight covers the subtle environmental and social details that define life in the islands. "We understand nuances that others might not even think of—the way the wind blows, the way the water flows, which trees grow in specific areas," Iskenderian noted. He shared that this level of familiarity includes everything from knowing the local community to identifying "the birds in the bushes and the unique sounds of the night."

Regarding the company’s expansion across the archipelago, the strategy has shifted toward a more dominant regional presence. "We started in Lahaina and have since expanded throughout all of Maui, the Big Island, and Kauai. Now, we are moving into Oahu. We aren't going anywhere," Iskenderian stated. He concluded that the combination of energy and expertise has set a clear path forward for their operations. "It’s not just a bright future; we are excited, motivated, and have the means to continue our growth," he shared.