Blog Enhance Development

There Will Be Plenty of Parking Spaces for Everyone, as Enhance Development Caters to Residents with Cars

When questioning potential homebuyers about their top priorities when considering a future home, you're likely to hear three key factors: price, location, and… a parking space.

"Where to park without driving around the neighborhood after work, hoping for luck?" is a question that will undoubtedly arise for car-owning flat buyers.

And the very need for parking spaces for city dwellers poses a considerable challenge for developers today.
A Costly Endeavor: What's the Issue with Constructing Parking Facilities?
  • Financial unprofitability of constructing parking facilities.

  • Insufficient space for parking due to the limited land area.

  • Multi-story residential complexes on small plots of land.

  • Technical impossibility of building parking facilities due to terrain constraints.

  • Financial unviability due to the high construction cost of parking facilities compared to the selling price of parking spaces.

  • Insufficient demand for parking during the sales period.

  • Prolonged selling periods for parking spaces.
Roman Savchenko, CEO of UTG Residence, described the construction of parking facilities in new residential complexes as a costly endeavor. He emphasized that, for buyers, the price of a parking space often equals that of a car, while for developers, it translates into additional expenses amounting to tens of thousands of dollars. In the absence of parking demand, these expenses will simply remain frozen.

Due to the direct correlation between the cost of parking construction and the price of an apartment in a new development, he described this situation as a continuous loop. Residents are unwilling to pay for their own convenience, and developers are unable to provide them with parking spaces.
Addressing the Parking Dilemma: A Continuous Loop
"Catering to residents with cars stands as one of the fundamental principles of Enhance Development's strategy," emphasizes Sergey Shinkarenko, an authority in development, marketing, and project management who serves as the CEO of Enhance Development.

Therefore, the company takes into account the needs of residents with cars even at the stage of conceptualization and design of future projects.

Enhance Development emphasizes the following directions for addressing the parking issue:

  • Designing residential complexes with an ample or greater number of parking spaces.

  • For its projects, it selects only land plots of sufficient size right from the start. These are the locations where constructing underground parking or having sufficient surface area is feasible.

  • It's nearly impossible to reduce the cost of underground parking, so the company incorporates a portion of the parking cost into the housing price.

  • The inclusion of long-term parking space sales is already incorporated into the project's financial model. Therefore, its sale does not affect the overall profitability of the project.

  • Another golden rule of the company: all parking spaces must be equipped with fast electric car charging facilities, not just simple power outlets.

Consequently, property buyers in the company's developments can be confident that they won't need to search for a parking spot or worry about accommodating their guests. This enhancement is set to enhance the long-term investment appeal of the real estate market.

There will be an abundance of quality parking spaces for everyone!