Parking bays – a long term boom or bust?

A parking bay recently sold for R1.65 million at the White Cliffs apartments in Clifton, Cape Town over the holidays.

Your eyes aren't deceiving you, that's over a million rand for a bay that is plus-minus 7m x 2.6m in size, according to K53 guidelines.

But it's not a new phenomenon as a parking bay was sold for R2 million in the same area in 2008.

Some may argue what Cape Town crisis? I think the bigger question is what happens to these parking bay valuations as new technologies come online taking away the need for individuals to own cars…