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Wednesday Jul 22, 2009

Cape Town still has most expensive parking in SA

Monthly car parking in Cape Town and Johannesburg costs less than it did a year ago, but Cape Town remains the most expensive city in the country for monthly parking.

According to Colliers International's second annual parking report, which tracks the cost of parking across 140 global CBDs, it now costs R1077 ($132,19) for monthly car parking in Cape Town CBD compared with R1124 ($137,77) a year ago.

"While the median cost to park cars in Cape Town and Johannesburg has come down from a year ago," says Sanett Uys, director of Colliers International, "prices in Pretoria and Durban have risen in line with global trends."

It now costs R740 ($90,66) for monthly parking in Pretoria, up from R614 ($75,15) a year ago, and R661 ($80,96) for monthly parking in Durban, up from R562 ($68,88) a year ago. While that upward shift may seem significant in the local market, spare a thought for Londoners. They pay the most to park at an average R8324 ($1 020) per month, more than 10 times what Pretorians pay and almost eight times that of Capetonians.

"The latest report found that, on average, monthly and daily parking rates are highest in the world's top financial centres, with no one region dominating," says Uys. "Africa is one of three regions that are relatively inexpensive, but the general trend is to increase parking prices as demand holds steady despite the world's financial woes."

London city was the most expensive; London's West End came in second at R7790 ($955,51), Amsterdam CBD third at R6563 ($805,36), Hong Kong fourth at R6097 ($748,20), and Sydney fifth at R4790 ($587,72).

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