In Hong Kong, new government policies to curb real estate speculation in housing markets have led investors to turn elsewhere for quick, lucrative profits - the market for parking spaces.
“The hottest properties in this frenetic city have no walls, windows or even front doors. Forget condos, apartments and homes,” writes David Pierson. “Real estate investors are scrambling for parking spaces.”
Parking space transactions are up five-fold and average parking space prices have risen 20% from the previous year. Recorded sales and offers on highly coveted parking spaces can soar past half a million dollars. "This market has gone crazy," says Jacinto Tong, head of the Gale Well Group real estate investment firm who was offered $640,000 for each of two spots in the Wan Chai commercial district, adding,”These spaces aren't worth that much money.”
While it's unclear whether this is a short- or long-term phenomenon, it can be at least partly attributed to new curbs aimed at reducing housing speculation. "Hong Kong people always have to invest in something," said Shih Wing-ching, chairman of Centaline, one of the largest real estate firms in Hong Kong, and investors who are looking to avoid taxes, for steady rental income, or to flip a quick profit, have turned to parking spaces.
Hat tip to Daniel Lippman.
FULL STORY: Hong Kong real estate investors pursue parking spaces
Hong Kong Parking Plan Denounced as 'Wasteful'
Hong Kong's leaders want to build more parking for the growing number of private vehicles, but transportation experts suggest parking management could be a faster and more affordable solution.
The Singapore Exception
Singapore, Taiwan, and Hong Kong were credited early in the pandemic with having successfully contained the coronavirus without resorting to lockdowns. However, Singapore lost its standing in that elite group. Crowding vs. density may explain why.
Watch: How to Remove Thousands of Parking Spaces
What the city of Amsterdam will gain by removing cars from on-street parking space.
Trump Administration Could Effectively End Housing Voucher Program
Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
The 120 Year Old Tiny Home Villages That Sheltered San Francisco’s Earthquake Refugees
More than a century ago, San Francisco mobilized to house thousands of residents displaced by the 1906 earthquake. Could their strategy offer a model for the present?
HSR Reaches Key Settlement in Northern California City
The state’s high-speed rail authority reached an agreement with Millbrae, a key city on the train’s proposed route to San Francisco.
Washington State Legislature Passes Parking Reform Bill
A bill that would limit parking requirements for new developments is headed to the governor’s desk.
Missouri Law Would Ban Protections for Housing Voucher Users
A state law seeks to overturn source-of-income discrimination bans passed by several Missouri cities.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Ada County Highway District
Clanton & Associates, Inc.
Jessamine County Fiscal Court
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Toledo-Lucas County Plan Commissions
Salt Lake City
NYU Wagner Graduate School of Public Service