More parking space sold in Hong Kong

Hong Kong's parking space market is more attractive than ever when a single parking space in a luxury residential complex was sold for a record $ 6 million Hong Kong ($ 765,000) ) Bloomberg, according to Agerpres.

"It's Madness" says Darrin Woo, a classic auto collector who decided to relocate to California a 1968 Mercedes-Benz 600 Pullman limo and a 1957 Fiat Abarth in 1957 to save "Under no circumstances will I buy a parking space.With this money, they can buy five cars," said Darrin Woo.

A typical parking lot is currently sold for $ 2.25 million in Hong Kong, an increase of more than six times over 2006. Under these conditions, the Hong Kong residential market, the least accessible in the world , seems to be relatively quiet, while real estate prices have risen only 3.4 times

According to analysts, property developers in Hong Kong are also part of it. According to the report of the Hong Kong Department of Transportation, Denis Ma, an analyst at the consulting firm Jones Lang LaSalle Inc., believes that the ratio between housing and car parks has decreased. the number of parking spaces increased by only 9.5% to 743,000 units in 2006 and 2016, while the number of passenger cars increased by 49% to 536,025 units

Hong Kong residents are accustomed at high prices. The city has for eight years held the invisible position of being the least accessible real estate market in the world. Residents of Hong Kong are renowned for allocating money for unusual investments such as taxis or golf cars that are selling at prices up to $ 255,000.

Speculators exacerbate the problem. Parking has become an attractive alternative to the residential market in recent years, especially after the government imposed additional taxes and mortgage thresholds to stop house price increases. A 2.25 million dollar car park based in Hong Kong requires a 3% tax against 30% for the purchase of a home. In addition, there is an additional 15% charge if a home is redeemed within one year of the date of purchase, a tax that does not apply to parking spaces.

"The parking spaces offer a Patrick Wong, an analyst at Bloomberg Intelligence in Hong Kong.

Car owners in London and New York also face similar problems. In Manhattan, parking spaces in a luxury residential complex have been on sale for a million dollars, according to the New York Times

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real estate

Hong Kong

Hong Kong parking rate