Hong Kong property agents drum up demand for car parking spaces in Greater Bay Area, tout low investment of US$30,000
- Some brokers are focusing on a niche segment that most investors from Hong Kong can afford to buy easily
- Prices of parking bays in Zhongshan, a city in the Greater Bay Area, have witnessed a spike in recent transactions
Hong Kong’s small property agents have found a new investment avenue that has piqued the interest of investors – car parking spaces in the “Greater Bay Area” for as low as 200,000 yuan (US$30,000).
“We see a lot of Hong Kong investors would like to capitalise on the property boom in the GBA,” said Stephen Sum, an investment consultant at V+ Property, which is focused on the bay area. “In order to grab a bigger share of the lucrative market, we have to look for something unique to attract customers instead of directly competing with large agencies.”
Agents exclusively selling overseas property, including mainland China, are exempt from a licence issued by the Estate Agents Authority, Hong Kong’s industry regulator.
The strategy also allows them to offset the advantages of large agents like Centaline China, which has 1,200 branches and employs 20,000 staff in the Greater Bay Area.
Beijing unveiled the Greater Bay Area blueprint, a grand plan to integrate Hong Kong, Macau and nine mainland cities into an economic and innovation powerhouse to rival Silicon Valley and the Tokyo Bay Area on February 18.
