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"It's crazy," said Darrin Woo, a classic automaker who decided to move California to a 1968 Mercedes-Benz 600 Pullman limousine and a 1957 Fiat Abarth to save on parking. "By no means will I buy a parking space, with that money, I can buy five cars," says Darrin Woo.
A common parking space is currently sold for $ 2.25 million in Hong Kong, an increase of more than six times over 2006. In these conditions, the Hong Kong residential market, the less accessible to the world, seems relatively quiet. During the same period, house prices rose only 3.4 times.
According to analysts, some of the promoters and real estate developers guilty in Hong Kong. They earn more money from the construction of apartments than garages, so the ratio between houses and parking has dropped, says Denis Ma, an analyst at Jones Lang LaSalle Inc.
According to a report of the Hong Kong Department of Transportation, the number of parking spaces increased by only 9.5% to reach 743,000 units in 2006 and in 2016, while the number of passenger cars increased by 49% up to 536,025 units.
Hong Kong residents are accustomed to 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 carts that sell for 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. Plus, there is a 15% surcharge if a house is resold in the year following the date of purchase, which does not apply to parking spaces.
"Car parks offer a short-term investment opportunity that residential properties can not offer," said Patrick Wong, an analyst at Bloomberg Intelligence in Hong Kong.
Car owners in London and New York also face similar problems. In Manhattan, parking lots in a luxury residential complex have been on sale for a million dollars, according to the New York Times. AGERPRES
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