What's the value of car parking?

theCzar

I'm looking at various apartments around Dublin, preferably with parking but for comparing value of similar apartments I'd like to know what value is placed on car parking.

To give an example, I'm looking at two (Dublin 2) apartments in the same complex, one with parking asking price of 385k, one without asking 325k. I'm not sure of their relative situation within the complex which would also be a factor in the difference.

bangersandmash

theCzar wrote: »

I'm looking at various apartments around Dublin, preferably with parking but for comparing value of similar apartments I'd like to know what value is placed on car parking.

To give an example, I'm looking at two (Dublin 2) apartments in the same complex, one with parking asking price of 385k, one without asking 325k. I'm not sure of their relative situation within the complex which would also be a factor in the difference.

Hard to say in the current market, but prices in premium D2 areas were insanely high in some developments at the peak. I recall one "boutique" development on Baggot St hit the news for that reason...

The cost of parking in the capital has hit a new high with underground spaces at a new block of apartments in Dublin 2 asking e120,000 each.

The record price puts Dublin on a par with Manhattan, where parking spaces regularly change hands for between e115,000 and e150,000.

http://www.irishpropertynews.ie/2007/11/01/city-parking-spaces-accelerate-to-e120000/

The above probably isn't a useful guide though. The days of paying €1-3.6m for a property with potentially no parking are probably gone.

theCzar

yikes!!

Kipperhell

Parking price really depends on the location of the property. Personally speaking unless it is 20 minutes walking distance from Grafton Street I wouldn't buy a place without parking. Parking is likely to become more restrictive than less.

It makes it both easier to rent and sell. You can also rent the space separately if you want. The people who only have one space but need two will rent a space in a complex.

Victor

Realise that it is difficult to get an on-street parking permit if you live in an apartment. in areas of low demand, an on-street parking permit associated with an apartment is €400 per year. Pay & dispaly will cost a fortune.

Certainly consider a value in excess of €20,000.

Prime car spaces in D2 have certainly traded for over €40,000, although you may be able to lease spaces for a few hundred a month.

tomcollins97

It is only worth what someone is willing to pay