Hong Kong (CNN) — Subsequent time you are griping about having to feed cash right into a parking meter, spare a thought for drivers in Hong Kong, the place a single parking house has simply bought for $760,000.
At roughly $5,360 per sq. foot, that places it effectively above the typical worth of $1,700 per sq. foot for residences within the metropolis, as measured by property web site Squarefoot.
The parking house is hooked up to the Ultima condo advanced within the metropolis’s Ho Man Tin space, in central Kowloon, essentially the most densely populated a part of Hong Kong. A 900 sq. foot flat within the advanced bought for upwards of $3.2 million when it was first made obtainable in 2017, according to developer Sun Hung Kai.
It does not fairly prime the ticket worth for costliest parking house on the earth, with spots in Manhattan offered for $1 million — however these had been far bigger, at round 300 sq. ft apiece, in comparison with beneath 150 sq. ft for the Hong Kong house.
Hong Kong is among the most unaffordable cities on the earth.
ANTHONY WALLACE/AFP/AFP/Getty Photos
It topped an inventory of essentially the most expensive cities in the world in 2017, the seventh 12 months in a row in a row Hong Kong has held the primary spot. Actual property brokers have beforehand demanded potential consumers stump up a $900,000 deposit simply to view properties.
Whereas the properties promoting for these staggering quantities are all luxury apartments, even subdivided flats smaller than 100 sq. ft (9 sq. meters) can hire for upwards of $380 a month, and lots of the metropolis’s poorest wrestle to search out inexpensive houses.
Speaking Tuesday, Chief Government Carrie Lam mentioned she was “extraordinarily involved concerning the surging property costs in Hong Kong.”
“The last word resolution lies find extra land to construct extra housing items, both on the market or for rental to folks of Hong Kong,” she mentioned.
Regardless of Hong Kong’s density and a standard false impression of the town as extremely city (in reality about 40% of the town is parkland), there are giant quantities of house locked up in developer land banks and brownfield sites beforehand utilized by industrial or business tasks.
Lam’s authorities has beforehand been criticized for proposing to alleviate housing shortages by pursuing extra environmentally damaging land reclamation slightly than using current house.