|
According to Yonhap News and Hong Kong real estate developer Midland, the average price of a parking space last year was HK$2.14 million (about 322 million won). However, it is down from HK$2.3 million (about 346 million won) in 2019 due to the economic recession caused by Corona 19.
Recently, it was reported that a parking space in a wealthy residential district in Hong Kong was sold for $13 billion (1.45 billion won), shocking the world. In May, a parking lot in Hong Kong’s wealthiest neighborhood, the Peak, sold for HK$11.9 million (about 1.8 billion won), setting a world record.
Not only are the parking areas sold, but also rents are expensive. It varies depending on the region, but it is estimated to be about 1900~7000 HKD (about 280,000~1.05 million won). It is known that not only the actual demand but also the investment demand is rapidly increasing as it becomes difficult to secure a parking area.
In Hong Kong, stamp duty is required for real estate transactions. In the case of parking areas, stamp duty of HK$2 million (about 300 million won) or less is only HK$100 (about 15,000 won), so investment demand is relatively high compared to housing.
On the other hand, when purchasing a house, stamp duty of up to tens of thousands of won is required. The stamp duty becomes more expensive from the acquisition of two houses, and the stamp duty is applied equally to the parking area regardless of the number of holdings.
Moreover, while the number of individual vehicle registrations increased by 50% from 2008 to 2020, the number of parking areas increased by only 10%.
.
