November’s 2024 visitor arrivals and migration numbers are continuing on a positive trend, driving a solid economic recovery in the Cook Islands.

Visitor numbers reached 13,419, showing a 7.7% increase over last year, with notable rises from Australia, Europe, and the USA. Beyond tourism, the return of 732 Cook Islanders and a net gain of 1,322 migrants highlight a transformative period for the country. This shift marks a reversal from previous years’ net losses, as more Cook Islanders choose to return home, contributing to the nation’s evolving economic landscape.

This growth signifies a stepping stone for broader economic recovery, driving demand for more workers and creating business opportunities for Cook Islanders. Compared to New Zealand’s modest economic pace and Australia’s challenges in resource sectors, the Cook Islands is beginning to capture the global attention and attract Cook Islanders back home.

The ripple effects of these shifts are most evident in the property market. Demand for property in the Cook Islands is growing. Over the last year there has been a jump in property prices. Commercial leases highly sought after, and residential leases snapped up by returning Cook Islanders or locals looking to procure their own lease.

The trend shifting from long term use of the Cook Islands housing stock to short term over the last two years will continue into next year and beyond, until returns for long term accommodation finds a trigger point to make a better economic return. However, the increasing preference for short-term accommodation over long-term leases is leaving long-term renters facing challenges with rising rent prices, adding to the already high cost of living.

Comparatively, New Zealand’s property market also appears to be stabilizing, with November 2024 sales up 9% from the previous month and average price increases of 0.7% for the last 3 months. Projected annual price increases of 5-6% for 2025, along with lower interest rates, could enhance opportunities for the Cook Islands’ property market.

As a popular destination for New Zealanders, the Cook Islands benefits from these economic conditions, seeing increased investment and property purchases. While Australia remains more subdued, the Cook Islands is positioning itself for growth, leveraging its economic resilience and lifestyle appeal to attract attention from tourists and investors alike.

This strategic positioning ensures that the Cook Islands continues to thrive as a vibrant and appealing destination. Jeff Tikitau Real Estate and Jeff Tikitau Elite Management offers expert insights and personalized support to help you navigate the property market. Whether you’re exploring investments or property opportunities, our experienced team is here to guide you every step of the way. Contact us for tailored advice and informed decisions.

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