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In the first three quarters of 2021, the volume of luxury real estate transactions in Hawaii<\/strong> reached a record $3.698 billion.\u00a0The ultra-luxury market<\/strong> (homes priced above $10 million) also experienced the most astounding growth.<\/p>\n <\/p>\n These historic highs are due to demand driven by the coronavirus pandemic, record low interest rates<\/strong> and rising stock markets.<\/p>\n <\/p>\n In the first three quarters of this year, homes valued at $3 million or more saw a 235 percent increase in sales volume over the same period in 2020, reaching $3.7 billion, according to Hawaii Life’s Luxury Market Report<\/strong>.\u00a0“This has been like a rocket ship<\/em>,” said Matt Beall<\/strong>, CEO of Hawaii Life Real Estate. “Strictly referring to the data, it’s just an incredible, incredible event for the market<\/em>.”<\/p>\n <\/p>\n These record sales come at a time when most foreign buyers have been unable to travel to Hawaii and participate in this wave of purchases due to travel restrictions. Hawaii Life<\/strong> real estate is also having a record year, with more than $3 billion in sales<\/strong> in the first three quarters of 2021. Luxury home sales accounted for $1.38 billion<\/strong> of total sales volume.<\/p>\n <\/p>\n Of the state’s eight major islands, the largest portion of ultra-luxury sales growth came from the Big Island<\/strong>, which saw a 1,582 percent change in sales volume from 2020. In the first three quarters, the Big Island accounted for $393 million in sales volume, or 37 percent of the state’s total in the ultra-luxury category. This gain was followed by Maui<\/strong>, which saw a 644% increase in sales volume, and Kauai<\/strong>, which saw a 640% increase.<\/p>\n <\/p>\n