Some people have to spend 1 billion VND to buy a 16m2 parking space, which is equivalent to the price of a luxury apartment at 60 million VND/m2.

Parking is more expensive than accommodation.

In reality, parking is a persistent problem in many apartment projects, especially in the city center. The buying and selling of parking spaces has been quietly taking place, and residents have suffered significant losses. Mr. Hai, a resident of a project in Thuy Khue, had to spend nearly 800 million VND to secure a 38-year parking space in his apartment building.

Many residents opt to find parking outside the building because it's cheaper.

The average price reaches 50 million VND/m2, even more expensive than the price of an apartment. Despite knowing the exorbitant price, residents have to grit their teeth and buy because they worry that all parking spaces will be sold out, leaving them with nowhere to park. However, that's not the highest price; some people have spent 1 billion VND to buy a 16m2 parking space. This is equivalent to the price of a luxury apartment: 60 million VND/m2.

He said that the developer offered two rental rates for parking spaces: short-term and long-term, with short-term rentals costing 1 million VND per month. However, at the moment, all parking spaces in the basement are taken, and neither short-term nor long-term rentals are available.

However, buying an apartment and securing a parking space in the basement, like Mr. Hai did, is considered fortunate. Many later buyers, who also spent similar amounts on apartments, have to settle for outdoor parking. But even with outdoor parking costing only around 1.2 million VND per month, it's still a dream for many residents in the building...

Mr. Quang, a resident of the Linh Dam new urban area, expressed his frustration, stating that even though he had only recently moved in, the apartment building was already full of parking spaces. The building has 21 floors and over 300 households, but only one basement level. Parking is available in the building's lobby, at a cost of 1.2 million VND per month. However, due to limited space, all spaces are currently occupied. Those who moved in later, like Mr. Quang, have to queue or find parking elsewhere.

"While I tried to rent a parking space on a monthly basis, the management said there were none left. They said there were still spaces available if I used a daily ticket, which is like extorting residents because the daily parking fee is as high as 90,000 VND per visit. I even argued with the parking attendants, but the parking issue remains unresolved," Quang added.

A representative from the building's management board stated that most buildings in the area have basements, but they cannot meet the parking needs of all residents. Therefore, those who move in first are prioritized; if all spaces are taken, residents have to wait in line and are registered by the management board so that they can be allocated a space when available.

Not only are parking spaces scarce in completed projects, but even in apartment buildings under construction, parking is already full. According to a sales representative for an apartment project in Cau Giay, parking spaces in the basement are reserved only for diplomatic residents; regular buyers do not have this privilege. To secure a parking space, residents must pay at least an additional 300 million VND, with a lease term of only 30 years. Despite the high cost of securing a stable parking space in an apartment complex, many people still prefer buying to renting.

Buying and selling like apartments.

Previously, parking spaces for cars and motorbikes in apartment buildings were only for rent. However, according to the regulations on the management and use of apartment buildings, sellers, buyers, and lease-to-own tenants of apartments have the right to rent or buy parking spaces, and the developer must address the residents' wishes. In reality, the buying and selling of parking spaces has become more active and open in central apartment complexes recently, especially as the above regulation is about to take effect.

According to Mr. Le Hoang Chau, Chairman of the Ho Chi Minh City Real Estate Association (HoREA), this regulation has inadvertently restricted the rights of apartment owners who own parking spaces and created an advantage for investors, because apartment owners are only allowed to sublease, transfer parking spaces to other owners and users of the apartment building, or transfer them back to the investor.

However, the Circular does not restrict the rights of the developer who already owns the parking spaces. After residents no longer need the space, they can sell it back to the developer, and the developer can then have the full right to transfer that parking space to outside parties.

Therefore, to ensure the rights of owners of parking spaces in apartment buildings, HoREA proposes: Buyers of parking spaces, if they wish to rent or transfer these spaces, must prioritize renting or transferring them to owners and current residents of the apartment building. If these parties do not rent or buy, then the space can be transferred or rented to someone who needs it.

Many experts predict that this market for buying, selling, and leasing properties will be extremely vibrant in the near future.

According to VOV