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Prices of parking spaces in Beijing skyrocketed

Staff writer |
The price of a parking space in some of Beijing's wealthy and high-end districts has risen to 1 million yuan ($160,000), making driving and parking a vehicle in the capital equally expensive and difficult, reports Want Daily.

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Many of the prices of these parking spaces have surged to 400,000 to 600,000 yuan ($64,000-96,000) and those in the basement parking lots of the most luxurious residential areas fetch 1 million yuan.

Household with two or more cars have become common in the capital. The growing number of vehicles has strained the capacity of the city's residential areas. A car owner who has a medium-priced vehicle sometimes has to spend a lot more than the vehicle's price to obtain a parking space.

Parking spaces in residential areas in Beijing's outskirts cost around 150,000-200,000 yuan ($24,000-32,000) each and others located closer to the city center can fetch as much as 300,000 yuan ($48,000). Prices surge to 400,000-600,000 yuan ($64,000-96,000) in high-end houses in central areas. Some of the individual parking spaces in luxury mansions' basements cost between 600,000 to 1 million yuan ($96,000-160,000).

Parking spaces in Hong Kong's premium district go for around 2.4 million yuan ($384,000), however, dwarfing the sums in Beijing.

Beijing's property agencies said the surging prices of parking lots in the capital over the past few years are the result of speculation and an imbalance in supply and demand. As of the end of October last year, the city has 5.4 million mobile vehicles but there were only 2.8 million parking spaces, according to Xinhua.

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