As the online world brings everything to our fingertips, and urbanization attracts millions more people into major cities globally, one of the downfalls is that massive traffic congestion increases.
Parking spots are now at such a premium they are considered to be an excellent investment.
The United Kingdom’s Land Registry Office has released data listing the sold price of all stand-alone parking spaces bought in London in 2018. It identified 176 UK areas where buying a home costs less than a London parking space, spanning the country from Aberdeenshire to Southampton. (Source: HomesandPropertyUK)
So, which cities top the list of having the world’s most expensive parking spots?
Let’s check out the majors….Hong Kong, New York, Sydney, London,
Hong Kong (CNN) . In June 2018, a single parking space in Hong Kong sold for HK$6 million (US$765,054), setting a new property world record. The parking space is located at the luxurious residential Ultima project, in the Kowloon district . This 5 x 2.5 metre parking spot equals out to roughly US$61,200 per square metre, nearly three times the average per square metre price of a residential property in Hong Kong. ( Source:Business Insider Australia )
Over in New York there are only 10 parking spots in the luxury condo built by 42 Crosby St. in Manhattan’s posh Soho district. The price of each of these parking spots (that houses a single car) is US$1 million. The lots at 42 Crosby Street in Manhattan reportedly came with a EV charging station; at that time, the price was approximately four times that of the median American home sales price. WOW and WOW. (Source)
Across town, in the Hudson Square district of New York, parking spots are set at US$1 million each at the 15 Renwick St. Building. The 3 parking spots in the building are each priced at US$1 million dollars, to accompany the 2 penthouses priced at US$7 million and US$11 million respectively. ( Source )
At 2 Bond Street, Sydney Australia, the parking space is just big enough for two cars to park tandem style. The asking price is currently at A$500,000. (Feb 2018) (Source: Real Estate News )
Comparatively, that sum could secure you a stylish studio apartment in Darlinghurst, or a one-bedroom unit with parking in western Sydney (ideally located next to a train station)! Or, a stunning 1.5ha farm in Tasmania with enough cash left-over to buy a flock of sheep. Source: Real Estate News
Now, across to the UK…..In March 2019, it was reported that the average cost of a parking space is now more than £100,000 in half of London’s boroughs. Drivers in the capital pay an average of £219,000 for a spot to park their car, new research reveals. ( Source ) This is almost enough to buy a home in the rest of the UK, where the average house price is £230,776.
A standard parking space in London measures 7.9ft by 16ft, putting the average cost of buying parking in London at £1,731.60 per sq ft – on a par with homes in Kensington & Chelsea.
In Lambeth, Islington and Camden parking spaces sell for over £500,000 versus the average London home which costs £473,822.
But the most valuable parking spaces for ALL of us is the one at our own home or apartment building, at our office, or our commercial work site; the one when we arrive at work, in a rush to start our hectic day, or the one at home that we reach, tired after that same long day and want to know we can drive in and park there…
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