A single parking slot in Hong Kong sells for $765,000
The market for parking spaces in Hong Kong is hotter than ever as a single spot in a development in Kowloon changed hands for a record 6 million Hong Kong dollars ($765,000).
“It’s crazy,” said Darrin Woo, a classic car collector. “Buy a space? No way. I could buy five cars for that much.”
The average parking space now goes for about HK$2.25 million, a more than sixfold increase since 2006. That makes the city’s housing market, the world’s least affordable, look tame by comparison.
Car owners in London and New York face similar problems. Hong Kong developers are partly to blame. They make more money building apartments than garages, so the ratio of parking spots to housing units has declined, said Denis Ma, head of Hong Kong research at consulting firm Jones Lang LaSalle Inc.
Lajwanti Shishoo1483 Lajwanti-57 mins ago
India is already feeling space crunch for parking cars that are growing at faster speed than humans. There have been fights leading to even deaths over parking rights on streets. Government should make it mandatory for housing projects to have basement parking not only for the owners but also for excess of it.
Krishnan M6272 Krishnan M-navi mumbai-1 hour ago
Multi-level Parking systems, on the top floor of , or adjacent to, residential/office buildings, instead of basement/ground floor parking, perhaps would solve the problem. However, this solution is applicable only to buildings, to be constructed in future. Is this a practicable, or foolish, suggestion? Over to Architects.
Bharat Mata Ki Jai22996 Bharat mata ki jai-India-46 mins ago
We park wherever we want.
ONE LINER Challenge10765 ONE LINER Challenge-1 hour ago -Follow
THE WORLD IS GETTING SMALLER AND TIGHTER -SPACE IS BECOMING SCARCE- POPULATION IS GROWING AT BREAKNECK SPEED- THIS WORLD SURE IS TRAVELLING IN A VERY WRONG SPIN.