Parking Costs in China's large cities is becoming prohibitive. And so it should. Too many cars in a city reduces the quality of life for everyone.
Anyone who has recently visited China and Beijing knows that there are too many cars on the streets, thus clogging the free flow of traffic. Gone are the days of riding a bicycle. Public transit is the only way to get around, but buses are just as slow as cars. Beijing has started a lottery for potential new car buyers, which helps. The solution may lie in a scarcity of parking spaces. If you have no parking space you have no place to park your car.
I had thought that China was pretty smart when I saw that most people ride their bicycles to commute. To my dismay cars have taken over Chinese roads. Contributing to air pollution, high crash rates and a reduction in commute times for people, this is not progress in a positive direction. I have no issue with Chinese people buying cars, but when it reduces the quality of life this must stop.
Maybe the solution will come about from a scarcity of parking spots. Most people in Beijing live in apartment buildings, with limited parking. These parking spots have become much more expensive as more people want to buy a car.
Interestingly the diagram above shows Beijing’s housing costs to be 22,310 RMB/ sq M. Since 1 sq M = 10.76 sq ft, this amounts to 2, 073 RMB/ sq ft. At 7 CAD to 1 RMB, this converts to $296CAD/sq ft, very similar in cost to inexpensive housing in Toronto. Parking spots are separate in China. The average parking spot in Beijing costs 140,000 RMB, or $20,000CAD. This cost is included in most apartment buildings here in Canada, though can be priced separately in new condos.