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Looking for Parking in Hong Kong? That’ll Be $760,000

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Parking Garage Space

Photo: Jaymantri

In a world with strong opinions and Twitter arguments, we can all agree on one thing: finding parking in the big cities sucks. Public street parking is more and more limited by the day, and private parking prices are through the roof. But none quite compare to one parking space in Hong Kong.

It turns out that private parking spaces are a decent investment these days. In September 2017, a couple in Hong Kong purchased a parking space — measuring 16.4 feet by 8.2 feet — attached to the Ultima apartment complex in Kowloon for $430,000. Nine months later, the couple just sold that same parking spot for $760,000.

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Money doesn’t seem to be a concern for those living in the complex, explained Sandia Lau of the Centaline Property Agency. “The residents have a lot of cash and simply do not care about a few million dollars when a flat there costs about $12.7 million. Their convenience is more important.”

The recent sale of this parking spot breaks a record for the most expensive parking spot in Hong Kong. The most expensive parking spot in the world, though, is in Manhattan (surprise, surprise) with a price tag of $1 million. However, the Manhattan parking space is much larger than the one sold in Hong Kong.

Property and parking prices are rising exponentially in Hong Kong, raising concerns for those in the area. In a statement, chief executive of Hong Kong Carrie Lam said, “The ultimate solution lies in finding more land to build more housing units.”

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News Sources: CNN, Business Insider