According to Bloomberg.com, real estate agents in that city have started to list and sell parking spots independently of apartments, some of which are being sold for twice the cost of a home in the US.
“The average price of a previously owned parking spot in residential complexes rose 6.7 percent to [$82,600 US] in the third quarter, the second highest on record, from the prior three months,” the Bloomberg article reads.
In May, a parking space in the exclusive Repulse Bay area sold for $387,000 (US dollars), more than double the median U.S. home price, Bloomberg notes.
“There’s just too much liquidity in the market,” Simon Lo, Hong Kong-based executive director of research and advisory at property broker Colliers International, told Bloomberg. “The government has set up a firewall for residential properties, but all this money still needs to find a place.”