18 July 2011 - Hong Kong’s rental yield of car parking spaces tops 4% per annum, relatively higher than the other sectors such as residential and office properties. Hong Kong is the most expensive Asian city to park a car while London tops the list globally, according to a survey by Colliers International.
The cost of parking a car in terms of daily or monthly rate generally increased over the past twelve months. Among the top ten, no single region dominated in this year’s survey, with North America, Europe and Asia Pacific represented by a broad mix of cities. Although Latin America is the only region that is not included in the top ten, all the surveyed cities in the region registered double digit increases for both daily and monthly parking, according to Colliers International’s Global Parking Rate Survey 2011, covering 156 central business districts around the world, .
London has the highest monthly car parking costs with the City leading the way at US$1,084 (RM3,258) followed by London – West End at US$1,014 (RM3,048) and Zurich at US$822 (RM2,471). Hong Kong was fifth on the list at US$745 (RM2,239) while Tokyo was the other Asian city making the top 10 list at US$744 (RM2,236). The real estate consulting firm conducted the survey in June and based it only on covered or underground parking garages located in 156 business districts.
Around the world, the cost of parking a car has generally increased over the past 12 months with the exception of the United States, said Colliers' chief economist Ross Moore. For most American businesses and consumers, parking rates remained largely at 2010 levels. New Yorkers pay the highest daily rates among the US denizens at US$41 (RM123) followed by those in Honolulu (US$38 or RM114) and Boston (US$34 or RM102).
In Asia, the monthly parking rate in Hong Kong sustained to be the most expensive, followed by Tokyo. Meanwhile, the region’s cheapest city to park in is Mumbai, India (USD 27.50 per month, RM 82.50) in terms of monthly rate and Jakarta, Indonesia (USD 0.92 per month, RM 2.76 ) in terms of daily rate.
