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New space to park profits in Hong Kong
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My suggestion to all car owners living permanently in Hong Kong is that they purchase their own parking spaces instead of renting, because of the severe shortage of such slots across the city (“Hong Kong motorists ‘face traffic disaster’ with closure of car park in main business district”, April 28).
Renting is getting costlier and may soon reach unaffordable levels. So it may be worthwhile spending a few million now to own a space before we see prices move up even further.
Hong Kong parking spaces outperform home prices over 12-year period
I do not believe the government can do anything at all to solve the shortage of parking spaces in Hong Kong, other than make it more expensive to own a car. But as we in Hong Kong know, raising taxes on cars doesn’t prevent the affluent from purchasing them; rather, it prices out the middle class.
It is not a coincidence that we see new record selling prices for car parks (“Sai Ying Pun sets world record with a HK$5.18 million car parking space”, June 14). We may get used to the average price of a parking space touching HK$5 million in the coming years if the government doesn’t increase supply, because builders are definitely out to maximise space for offices or flats.
So, car parks are definitely a niche investment that could offer multifold returns.
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Rishi Teckchandani, Mid-Levels

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