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Tuesday, August 9, 2011

Is $125,000 for a residential parking space too much?

The China Daily reported last week on alarm in Chinese cities over high selling prices for parking spaces in residential complexes. The highest reported price was 800,000 yuan (or $125,000) recently for a parking space in an upmarket complex in Beijing. 


Before you get too agitated, let's try to get some perspective.  [And you can play too! Scroll down for a homework exercise.]

The info-graphic is actually a little misleading.  Housing prices are quoted per square metre but parking prices are totals. It would be better to compare housing per square metre with parking per square metre.

To convert, we need to know the total space per parking slot. This can range from about 20 to 38 square metres depending on the layout and the form of the parking. These make a big difference to how much aisle space and space-consuming ramps are needed.

If we need 20 to 38 sq.m per parking spot, maybe it is really NOT so shocking that: