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Hong Kong car park transactions hit 13-month high in April, as prices fell over 30 percent over the past three years.

The city recorded 468 primary and secondary car parking space transactions in April, jumping over 40 percent from March and more than 60 percent from a year earlier, according to Centaline Property Agency.

A notable hotspot is Tseung Kwan O, where the closure in May of an open-air car park on Chi Shin Street has forced around 800 private vehicles to seek alternative parking, boosting local parking space transactions, said Yeung Ming-yee, senior associate director at Centaline.

Total sales in the first four months fell more than 11 percent from a year ago to 1,273, dragged by a sharp drop in new sales. Primary sales plunged 54 percent to 288 from 627 a year earlier, due to last year’s large-scale disposals by Swire Properties (1972) in Taikoo Shing.

In contrast, secondary parking space transactions rose 24 percent to 985 in the first four months from 797 a year earlier, supported by improved sentiment in the second-hand residential market, Yeung said, adding that expected total parking space sales, including both primary and secondary deals, will remain flat at around 4,000 for the full year.

STAFF REPORTER

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Car park transactions hit 13-month high as prices fall