Hui’an Park parking lot 1.09 million flat market price 30% annual eclipse 9%
The property market encountered a cold front, and the cost of parking spaces also dropped significantly. Some investors did not hesitate to leave the scene. A parking space in Hui’an Park of Tseung Kwan O has recently changed hands by 1.09 million yuan. The low-cost market price is over 30%. The original business hosted the goods for about one year, and the book loss was about 9.2%.
Wei Shiliang, manager of the 21st Century Property Branch, pointed out that the aforementioned eclipse was the second parking space on the 2nd floor of Hui’an Park. The original owner sold it at 1.59 million yuan and eventually sold 500,000 yuan (about 31.4%) to sell the parking space for 1.09 million yuan. A double parking space on the same floor was sold for $1.62 million in September 2018. By comparison, the cost collapsed by about 32.7%.
The agent revealed that the original owner purchased the parking space for $1.2 million in September 2017. The monthly rent was 2,900 yuan, and the rate of return was about 2.9 percent. It was sold for about one year, and the book value was about 110,000 yuan (about 9.2%). If the new buyer is rented out at 2,900 yuan per month, the return rate is about 3.2%.
Information shows that the number of parking spaces has decreased significantly in recent months. According to the information of the Integrated Land Registry of the Midland Real Estate Data and Research Centre, the number of pure parking spaces registered in June last year was 1 348, but it was followed by a monthly decline. In December, only 358 were recorded. The 377 cases in November were reduced by about 5%, which was the lowest in 33 months since 292 cases were recorded in March 2016.
Zhang Yilei, senior manager of the Midland Real Estate Data and Research Centre, pointed out that there were a total of 9565 registered parking spaces in the past year, representing a decrease of 3.3% compared with the 9890 in 2017. Among them, there were 2795 cases with a transaction price of over $2 million, which was about 2100 cases in 2017. Increased by 33.1%.