Everything in Hong Kong is expensive. The financial capital of the world’s largest continent has sky-high prices in everything from restaurants to real estate, and no shortage of wealthy residents to shell out at nearly any price.
But in the residential development of Discovery Bay, some thirty minutes (by ferry) from downtown Hong Kong, golf cart prices may be the most inflated. A Bloomberg News report details how the old-fashioned buggies have soared in price to eclipse that of a Tesla or a Porsche.
The key reason behind the carts going for more than HK$2 million ($255,000) is a cap on supply. Passenger cars aren’t allowed in Discovery Bay and the Transport Department has capped cart licenses at about 500. As a result, buyers are essentially paying for the limited licenses, which can be freely traded between owners.
The upscale neighborhood, which has a population of 20,000, has seen cart prices increase dramatically over the years, with some investing in the carts with rental or resale in mind while others enjoy the luxury of easy transportation. Another factor? In this area, $250,000 might not purchase you much else. You can read more about the cart craze in the Bloomberg report here.