$1m for parking space in US: Dh100,000 in Dubai


By Parag Deulgaonkar  www.emirates247.com

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. More info