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Parking comes at a price.(Property)

Sunday Tribune (South Africa) November 21, 2010 BYLINE: Property Reporter Parking in most South African cities is at a premium, with estate agents reporting that a parking in Durban can cost between R25 000 and R100 000. here best parking nyc

Remax’s Adrian Goslett said parking was becoming an increasingly important factor in property values. He said there were about nine million cars on our roads, increasing by 50 000 a month as the the middle-class population, in particular, continued to grow.

Space constraints and land costs meant parking added value to a property.

Parking rates range from around R500 a month in the Joburg CBD to more than R1 000 a month in the Cape Town CBD, while a parking bay in a sectional title scheme in Joburg fetches up to R80 000 and in Clifton, Cape Town, as much as R500 000 with one last year going for R2 million.

Goslett said 6 000 vehicles were stolen each month in the last year, according to police.

Tony Hickman of Seeff said parking was a priority for buyers in complexes and flats without parking took longer to sell. see here best parking nyc

He said banks were loath to fund new developments without adequate parking or grant loans to buyers in complexes with insufficient parking.

Chris Tyson of Tysons said older, built-up areas lacked parking because it had not been needed at the time of the developments. Public transport had been good.

It was hard to provide more than one parking per unit in new developments in such areas due to land constraints.

Parking added between R25 000 and R10 0000 to the price of a flat, said Tyson.

Keith Wakefield of Wakefields Estate Agents said parking was at a premium in most established, higher density areas and was worth between R50 000 and more than R100 000 depending on the area and building.

He said parking availability in the CBD varied from zero to 80 percent. Most flats in Gateway had a parking bay with the option to buy another limited, from R60 000.

“It should be noted sectional |title units are sold with parking that cannot be sold on to a third party,” said Wakefield.

Heather Sudding of Pam Golding Properties said: “Parking is important to our buyers and tenants. Most apartments offer one parking.

“On the Berea, many blocks have garages on the road and although the owners have the luxury of a parking, security becomes an issue. Many complexes have reconfigured the common property land to maximise parking facilities, but land sizes are small.

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