By Benjamin Finnerty (S), REALTOR® (RS-83812) with Keller Williams Realty Maui · Kīhei, Maui · 808-481-9748

Quick Answer: Leasehold condos on Maui are selling more often in 2026. From January through September, 40 leasehold condos sold countywide at a median of $415,000, up from 24 sales at $427,000 a year earlier, according to the REALTORS® Association of Maui (RAM). Fee simple condos sold at a $665,000 median over the same period.

I’m Benjamin Finnerty, a REALTOR® in Kīhei with Keller Williams Realty Maui. Leasehold condos on Maui are a small slice of the market, but they’re a bigger slice this year, and the price gap to fee simple is wide. Here’s what RAM’s year-to-date numbers show, where these sales are happening, and what I’d check before buying a leasehold unit.

How many leasehold condos have sold on Maui in 2026?

Forty, through the end of September. That’s a 66.7% increase from 24 leasehold condo sales in the first nine months of 2025, per RAM’s September 2026 report (data as of Oct. 1, 2026).

Leasehold sales made up about 6.5% of the 620 condo sales countywide this year, compared with about 4.7% of 512 sales in the same months of 2025. The leasehold median slipped 2.8%, from $427,000 to $415,000, while the fee simple condo median fell further, from $733,500 to $665,000.

Where are leasehold condos selling on Maui?

Almost all of this year’s leasehold sales were in West Maui, Kīhei and Māʻalaea. Here’s RAM’s leasehold breakdown, January through September, with fee simple medians in the same areas for comparison:

RAM area	Leasehold sales 2026 (2025)	Leasehold median 2026	Fee simple median 2026
Nāpili/Kahana/Honokōwai	16 (6)	$299,500	$557,450
Kāʻanapali	9 (5)	$775,000	$1,050,000
Kīhei	7 (4)	$224,300	$597,000
Māʻalaea	7 (6)	$400,000	$620,000
Molokaʻi	1 (3)	$300,000	n/a
All areas (leasehold)	40 (24)	$415,000	$665,000 (fee simple, all areas)

Source: REALTORS® Association of Maui, September 2026 report, year-to-date leasehold and fee simple condominium sales by area, as of Oct. 1, 2026. All figures in the leasehold columns are leasehold sales only.

Wailea/Mākena, Kapalua, Lahaina and the Central Maui and Upcountry areas recorded no leasehold condo sales this year. With samples this small, a single sale can move an area median a lot. Kīhei’s leasehold median was $844,750 on four sales in 2025 and $224,300 on seven sales in 2026, which tells you more about which units sold than about a trend.

Why are leasehold condos so much cheaper than fee simple?

Because a leasehold buyer doesn’t buy the land interest. With leasehold, you buy the right to use the unit for the remaining term of a ground lease, usually pay lease rent to the landowner, and the right ends when the lease expires. With fee simple, there’s no end date.

That’s why the price gap in the table is so wide: a Kīhei leasehold median about 62% below the area’s fee simple median, Nāpili/Kahana/Honokōwai about 46% below, and Kāʻanapali about 26% below. The remaining lease term, the lease rent and when that rent can be renegotiated drive most of the difference from one leasehold unit to the next. My leasehold vs fee simple guide covers the basics in more depth.

Can you get a mortgage on a leasehold condo on Maui?

Sometimes, and the lease term is usually the deciding factor. Fannie Mae’s Selling Guide (B2-3-03) says a leasehold estate must have an unexpired term that exceeds the loan’s maturity date by five years or more. On a 30-year loan, that means at least 35 years left on the lease at closing.

Leases with shorter remaining terms may need a shorter loan, a portfolio lender or a cash purchase. Before you fall for a price, ask your lender to review the ground lease, and confirm the project’s eligibility the same way you would for any condo. Lease rent and any scheduled increases belong in your monthly budget alongside HOA dues, taxes and insurance.

Is a leasehold condo a good investment?

It depends on the lease, your timeline and how you plan to use the unit, so I treat it as a math question, not a yes-or-no answer. A leasehold condo can lower the cost of getting into a West Maui or Kīhei building. But the value generally tracks the remaining lease term, and resale can be harder as that term shortens.

I’d also check the same things I’d check on any Maui condo: zoning and Bill 9 status (Ordinance 5909, signed Dec. 15, 2025, phases out vacation rentals in apartment-zoned buildings on the Minatoya List), the association’s reserves, and insurance costs. My guide to Maui condo prices by area shows the fee simple side of the market.

This is general information, not tax or legal advice. Have a Hawaiʻi attorney review any ground lease, and confirm tax questions with a CPA.

My Take: What I’m Telling Leasehold Condo Buyers

The jump to 40 leasehold sales tells me more buyers are weighing lower entry prices against the trade-offs of a ground lease. That can be a reasonable decision, but only when you’ve read the lease. A $300,000 leasehold unit with 50 years left and fixed lease rent is a very different purchase from a similar unit with 15 years left and a rent renegotiation coming up.

When I compare condo complexes, I look at what each one offers in amenities, the association’s history of financial decisions, and the total HOA costs and what they cover. With a leasehold unit, I add the ground lease to that list: the expiration date, the current lease rent, the next renegotiation date, and whether a lease extension or fee purchase has ever been offered to owners in that building.

My practical next steps: get the full ground lease early, not at the end of escrow; ask your lender to confirm the remaining term works for the loan you want; and compare the total monthly cost, including lease rent, with a fee simple unit in the same area. If the leasehold unit still wins on your numbers and your timeline, it can be a sensible way into the market.

Leasehold Condo FAQ

What’s the median price of a leasehold condo on Maui in 2026?
$415,000 for January through September 2026, on 40 leasehold sales, per the REALTORS® Association of Maui. The fee simple condo median was $665,000.

Which Maui areas have the most leasehold condo sales?
Nāpili/Kahana/Honokōwai led with 16 leasehold sales through September, followed by Kāʻanapali (9), Kīhei (7) and Māʻalaea (7).

What happens when a condo ground lease expires?
The leasehold interest ends under the lease’s terms, so the remaining term is central to value. Read the lease and have a Hawaiʻi attorney explain what it says about expiration, extensions and surrender.

Do I pay lease rent on top of HOA dues?
Usually, yes. Lease rent is paid under the ground lease and is separate from association fees. Confirm the current amount and the renegotiation schedule before you go firm.

Ask Benjamin

Thinking about a leasehold condo in West Maui, Kīhei or Māʻalaea, or comparing one with a fee simple unit? I’m Benjamin Finnerty, and I’m happy to walk through the lease, the numbers and the building with you. Call or text me at 808-481-9748 or email benjamin@the808team.com.

Sources: REALTORS® Association of Maui, Monthly Indicators, September 2026 (leasehold, fee simple and total condominium year-to-date sales by area, as of Oct. 1, 2026); Maui Now (Oct. 9, 2026); Fannie Mae Selling Guide B2-3-03; County of Maui, Ordinance 5909.