If I lived in one of these cities, I would definitely have to rethink owning a car. The monthly prices for parking spaces in these 10 cities is about equal to what many Americans pay per month for an apartment.
CNN reported on 10 of the most expensive parking places in the world:
- An owner in Hong Kong was recently offered $640,000 for one of his parking spaces. Parking spaces in Hong Kong are currently yielding about 5% – higher than retail, commercial or residential properties.
- Monthly parking rates in London top $1000.
- A car in Zurich costs $822 per month for parking while Geneva is at $705.
- Tokyo is at $744.
- Rome at $718
- Australia’s rates are equally high with Perth at $717 per month, $685 for Sydney and Melbourne at $598.
- And, Oslo will set you back $612 per month for parking.
Given the costs of parking in these cities, owners and developers could significantly increase their revenues and profits by using a compact Robotic Parking System to double their number of parking spaces in the same amount of land area.