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.
Read the 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.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Amtrak, CN end decades-long dispute with eight-year agreement
The new operating agreement establishes an updated framework for the companies to work together, including processes to resolve disputes.
Judges permit Denver to divert 77,000 acre feet from the Colorado River for reservoir expansion
Overuse and climate change have caused the Colorado River’s water levels to plummet.
NYC DOT wants faster, more permanent street upgrades
The city is examining ways to build more concrete infrastructure without getting entangled in 'decades-long' projects.
'Something we’ve never seen before:' rising utility rates could strain city finances nationwide
Data centers, climate change and other factors have caused utility rates in the United States to increase by 38% since 2020.
Trump to overrule local leaders, lease millions of acres of America’s Pacific Island territories’ seafloors to mining companies
International law says that the Indigenous people of America’s territories have a right to prior and informed consent regarding projects that impact their countries.
FREE Course: Walkable City 1: Why Walkability?
After describing his path towards focusing on walkability as the essence of good planning, Jeff Speck marches through his five principal reasons for making more walkable places.
Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold
The course focuses on the opportunities and imperatives that shape reinvention of mall sites.
Harvard University Graduate School of Design
KFH Group Inc.
Greater Baltimore Committee
The Architects Foundation
University of Cincinnati Online
The Pocatello Development Authority
The Urban Renewal Agency of the City of Pocatello