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.
Planning for Congestion Relief
The third and final installment of Planetizen's examination of the role of the planning profession in both perpetuating and solving traffic congestion.
Minneapolis Housing Plan a Success—Not for the Reason You Think
Housing advocates praise the city’s move to eliminate single-family zoning by legalizing triplexes on single-family lots, but that isn’t why housing construction is growing.
New White House Housing Initiative Includes Zoning Reform Incentives
The Biden administration this morning released a new program of actions intended to spur housing construction around the United States.
Proposed Transit Line Would Connect Downtown Tucson to Airport
Based on community input for a 15-mile transit line, residents want to see a focus on affordable housing development and anti-displacement measures.
Strip Malls as a Housing Solution
The American strip mall may be a dying breed of commercial development, but could the buildings serve a new use as sustainable housing?
Study: Most of Vancouver Is a ‘15-Minute City’
A large majority of Vancouver residents can access a grocery store in 15 minutes or less by bicycle or on foot.
Urban Planning Partners
Sandy City
Ada County Highway District
HUD's Office of Policy Development and Research
HUD's Office of Policy Development and Research
HUD's Office of Policy Development and Research
City of Redwood City
City of Rohnert Park
City of Hot Springs
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.
Hand Drawing Master Plans
This course aims to provide an introduction into Urban Design Sketching focused on how to hand draw master plans using a mix of colored markers.
