$1m parking slot in US: Dh100,000 in Dubai

In the heart of Manhattan, New York, a developer is selling 10 underground parking spaces for $1 million (Dh3.67 million) each.

The 10 parking spaces include some storage space and electric charging stations for those who need them and according to media reports they are priced over four times the national average house price in the US, which is $217,800.

The exclusive development of 10 three-bedroom units in Lower Manhattan's Crosby Street is on the site of a former car park with the price per unit being $8.7 million except for $25 million for a duplex penthouse.

“We’re looking at setting the benchmark. In real estate, location defines value and parking is no exception to that rule,” Shaun Osher, founder and chief executive of the brokerage firm CORE in Manhattan, which is handling the sale of 42 Crosby, told the Daily Mirror.

In Dubai, developers, primarily in Jumeirah Lakes Towers (JLT), are selling parking spaces to residents – though not that expensive as in the US.

Emirates 24|7 has reported that Indigo Properties, the developer of Indigo Tower and Indigo Icon, was selling parking space in the two towers for Dh100,000 each.

“We paid in full for these parking spaces nearly seven to eight years ago. It’s only fair for a developer to charge a reasonable amount to recover his cost and little profit,” Ajit Lamba, General Manager, Indigo Properties told this website.

(Read: JLT parking bay selling price climbs to Dh100,00) 

Emirates 24|7 also reported that Damac Properties had told residents that it was selling parking bays in Lake View Tower, JLT, for Dh60,000 to Dh75,000 per bay.
(Read: Parking bay in a Dubai master community selling for Dh75,000)

In 2012 and 2013, parking bays were selling below Dh50,000 and in a one year, developers raised the price by 100 per cent.

In non-freehold areas of Dubai, individuals can only buy a seasonal ticket but cannot buy a parking space.

The following is the cost of a seasonal card for the period of three months, six months or one year:

Category A: Dh700 for three months, Dh1300 for six months, Dh2,500 for one year.

Category B is Dh450 for three months, Dh800 for six months and Dh1,500 for one year.

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