Investments for parking places in Hong Kong have boomed as the number of cars on the road increased by 48% but the number of private parking space rose by just 9%.
A serious shortage of space has entailed a boom for parking space investments in Hong Kong.
The demand for parking spaces continues to increase as the number of private car owners rise.
According to a manager, Edmond Lau, at Centaline Property Agency in Hong Kong, the price of one parking lot in Hong Kong can cost up to $650,000.
There are some criteria that investors take into consideration when they want to invest in parking spaces such as the location of the lot or the inside size of the building, Lau says.
While Hong Kong's government has been scrambling to cool the residential market, higher stamp duties and mortgage restrictions don't apply to parking lots.
TRT World's Patrick Fok explains.