Why car park ownership is big business in Hong Kong
SCMP, 21 Apr 2021
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Hong Kong not only has a reputation for having the world’s least-affordable housing market. Just finding a place to park a car can be an expensive endeavour because of the city’s limited land supply. In 2020, the average transaction price for a Hong Kong car park space was about HK$2.14 million (US$275,700), according to Midland Realty, one of the city’s leading real estate agencies.
Post reporter Alkira Reinfrank looked into why car park spaces are so expensive, and how they have become part of a market that is appealing to investors.
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Hong Kong not only has a reputation for having the world’s least-affordable housing market. Just finding a place to park a car can be an expensive endeavour because of the city’s limited land supply. In 2020, the average transaction price for a Hong Kong car park space was about HK$2.14 million (US$275,700), according to Midland Realty, one of the city’s leading real estate agencies.
Post reporter Alkira Reinfrank looked into why car park spaces are so expensive, and how they have become part of a market that is appealing to investors.
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