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They sold a parking lot in Hong Kong for a record $ 765,000

They sold a parking lot in Hong Kong for a record $ 765,000



They sold a parking lot in Hong Kong for a record $ 765,000
They sold a parking lot in Hong Kong for a record $ 765,000 

Hong Kong parking spots are getting rare, and some metropolitan inhabitants are eager to pay space to ensure they have someplace to leave their vehicles. 

A couple of days prior, a parking garage in the extravagance Ho Man Ting neighborhood changed its proprietor for a record $ 6 million, proportionate to $ 765,000, Bloomberg reports. 

"It's finished frenzy. For a similar cash, I can purchase five vehicles," said great vehicle gatherer Darren Wu, who brought his 1968 Mercedes-Benz 600 Pullman and a 1957 Fiat Abarth to California. have the option to save money on the expense of putting away them. 

The normal cost for a parking garage in Hong Kong is around $ 290,000, with a sixfold ascent in cost in the course of the most recent decade. 

Contrasted with this development, even private properties in Hong Kong, which are viewed as one of the most costly on the planet, appear to be a sensible venture. Over a similar period, they have expanded their worth "just" 3.4 occasions. 


Parking garages have been sold in Hong Kong since the start of this current year, totaling more than $ 1.3 billion, contrasted with $ 838 million for a similar period a year ago, as indicated by land office Midland Realty Services Ltd.
Drivers in London and New York face the same problems. According to a recent ad quoted by Bloomberg, a parking lot in Manhattan, on Crosby Street, is for sale for one million dollars. In Hong Kong, however, the blame for space prices on parking spaces lies largely with construction companies, experts say.

Builders make more money from selling apartments than garages, and as a result, the number of new homes coming out to the market is far greater than their adjoining parking spaces, according to Dennis Ma of Jones Lang LaSalle. 

From 2006 to 2016, parking spaces increased by 9.5% to a total of 743,000, while the number of cars in Hong Kong jumped by nearly 50 percent. This deficit is not something new for the city's residents.

They have adapted to this trend, and some of them even approach the entrepreneurial spirit and invest in different transport alternatives. In Hong Kong, huge amounts are paid for taxi licenses and even permits for driving golf carts

In recent years, the purchase of garages has become an alternative investment in residential properties, especially after the government introduced additional fees and restrictions on mortgage loans to curb the uncontrollable appreciation of properties. 

For the purchase of a parking lot, which costs about $ 300,000, for example, a fee of 3% must be paid. While for a medium-sized apartment it can reach 30 percent.

In addition to real estate, an additional tax of 15% is payable if the ownership of the property has changed more than once during the year, while this is not the case for garages and parking spaces. 

"Parking has become a good opportunity for short-term investment that housing can't provide," says Bloomberg property analyst Patrick Wong. According to him, the yield is not so high, but it is almost guaranteed.