In a city where land is sparse, even parking lots go for a premium.
A parking space in Hong Kong has been sold for a record $664,260 (HK$ 5.18 million) — making it the most expensive parking space in the world, according to the South China Morning Post.
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At just 188 square feet, or 17.5 square metres, that works out to a staggering $3,500 per square foot.
To put things in context, apartments in New York went for an average price of $1,750 per square foot, in mid-2016.
A micro-apartment in New York
Image: Jacobson/AP/REX/Shutterstock
The buyer of the parking lot, an executive director of an investment firm in Hong Kong, already has two other parking spaces in the luxury apartment complex in the West of the island. Read more…
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