I believe autonomous cars will start to affect the demand for parking in this city in the next 5 years. The fact is you will no longer need to park your car within walking distance of where you want to go.
Imagine going for a shopping trip to Causeway bay, the car drops you off in the centre and then drives itself 10 minutes away through the Aberdeen tunnel to some 100 story parking tower in the middle of nowhere that some smartass is going to get rich building. There will no longer be a need for any parking in causeway bay and the whole area will be for shopping and restaurants only. Parking spaces in causeway bay will start to collapse in 5 years from now, they simply won’t be worth the crazy prices they are now when cars will be perfectly capable of driving themselves somewhere cheaper.
Well I said “stat to affect”. Could be longer before it really changes the whole game. But I do think the days of the premium parking parking in prime areas are numbered and prices should be more balanced in the future.Original Post Deleted
Then there will be other people renting their cars out for a few hours Uber style while they do their shopping so they won’t need any parking at all and use their cars as a form of investment. But I guess the taxi industry will block this.
From the Article :
"The single parking bay at Sun Hung Kai Properties’ Ultima apartment complex in the Kowloon district set a new world record on Monday, changing hands for HK$6 million (US$760,000), or HK$44,444 per square foot."
An auspicious number about the state of Hong Kong real estate market, I say.
Thats more than I pay rent for my 374 sq/ft 2 bedroom apartment in Chai Wan LOLIn April, a parking bay in the development was rented out for HK$10,000 a month, also a record.
HK keeps going cuckoo
Even while playing along with the game I hate how trends like this allows people to get rich without any merit. Make 330k USD in 9 months just sitting on a car park.... while someone who works their ass off or studied hard and tried looking for a good job would never make that much. Does that mean the guy who made money on the car park is smarter/nicer/more educated? Nope, getting rich no longer means anything other than... getting rich.
But then this is nothing new in the world not just in HK....
Just got a whatsapp from agents... their speculation is moving up north now... pushing for HKers to buy up parking spaces in Guangzhou and Foshan (Greater Bay area).... selling the idea of "getting on the train" for under 350k HKD.... I dunno.... a bit more hesitant when it's, as they say in Chinese, "buying a cow that's over the mountain"