If house values in Hong Kong have been rising for the past few years, then a bigger surprise would be the price of parking spaces, which have grown much faster than homes in some areas. The car parking space in Ho Man Tin, Kowloon, was sold at 6 million in June. It has become the most expensive parking space in the history of Hong Kong. The sky-high price is comparable to that of residential units.
What is the reason behind the speculation in the parking spaces? Some investors said that since the Hong Kong government launched heavy stamp duty in property market, the funds were transferred to car spaces. As a driver, our case Mr. Wong said that parking spaces are in tight supply in the territory, and the shortage of private car parking spaces is particularly severe. For instance, he and more than 500 people have to queue up, before dawn to apply for renting monthly private car parking spaces in a government car park every month.
Last year, the Police have issued 1.84 million "fixed penalty notice" to combat the illegal parking situation. But it seems that the provision of parking spaces is still a problem to the city. It all comes down to supply and demand. Can it be solved with better government town planning?