Saturday, 29 October 2016

Fact of the Day: Park Your Car for HK$4.8M

Record sale earlier this week for a parking spot in Mid-Levels
I've been writing blog posts about how flats are getting more and more expensive and outrageously small, so tiny that they are only slightly larger than a parking space.

And now there is a brisk business to be had in buying and selling parking spaces.

The big deal of the week was for a 135 square-foot space at 55 Conduit Road in Mid-Levels for HK$4.8 million.

To put that into perspective, it's more expensive than a flat in Sha Tin north, where a 327 sq ft flat is HK$4.3 million. And you can live in it.

The parking lot entrance to 55 Conduit Road
Louis Chan managing director of Centaline Property Agency's residential department, explains the surge in prices.

"Residents at super luxury properties own more than one car," Chan said. "They have to buy an additional parking lot in the secondary market at higher prices."

There are 35 luxury flats at 55 Conduit Road, from 1,500 sq ft to 2,700 sq ft priced between HK$50 million and HK$360 million. So a parking spot here is chump change for the uber rich.

If this is not a sign of serious economic disparity, I don't know what is...

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