Affordable credit and a strong economy fuelled a splurge on wheels and property in Hong Kong last year, with 41,240 new registrations for private cars - 31,828, of which were new. By February this year, there were 452,159 registered private cars, the Transport Department says.

 

Despite increases to first registration taxes, such demand raises questions on the supply and trade of parking spaces. 'There are over 500,000 private car parking spaces in Hong Kong, so we can still see an oversupply in the near future,' says Josh Wong, CEO of specialist website and traders Parkinghongkong.com. 'Location is always an indicator of a good investment. There are some districts or buildings seriously in need of more parking space, and investors just need to do the hard work to find out where they are.' read more

 

Wong highlights the state of parking-space markets on The Peak - very rarely is there individual car parking space for rent or for sale.

 

Mid-Levels, with more multi-storey high rises, leasing transactions are more frequent. Individual car parking space renting is active, he says. 'At Island South, like The Peak, transactions are very rare,' Wong says. 'Most houses have parking space facilities. Individual space is very rare.' At Clear Water Bay/Sai Kung, almost every house has two to three parking spaces in front.