11 Plantation Road. rented for HKD$1.35 million (A$223,709) per month earlier this year. Image: 11 Plantation Road.

Hong Kong Parking Spot Sells For $1.7m in Price Record

For most of us, parking is free, but in higher density cities like Hong Kong, parking is a scarce commodity, enough so that someone just dropped $1.7 million on a parking spot.

$1.7 million can buy you a home in some of the most affluent areas of Australia, but in Hong Kong, it will get you a 12.5 square meter parking spot in the city’s affluent The Peak residential area.

The price for the parking place is just below the reported average home price of $1.6 million in Hong Kong.

The BBC reported that it is just one of several parking spots sold at the Mount Nicholson development which overlooks the city’s Victoria Harbour.

It follows on from the previous world record which was also in Hong Kong, a spot going for $1.3 million in 2019.

A year before, a Hong Kong couple made headlines when they paid $566,000 for a parking place in the opulent Ultima apartment complex in Kowloon, then sold it for $998,000 nine months later.

When you compare the price for a unit in the development the parking lot is seemingly cheap, with two apartments in 2017 selling for a combined $193 million.

It isn’t much cheaper renting either, a home in The Peak district is now being rented out for $223,709 per month, equating to more than $2.5 million a year.

Prime rents in Hong Kong averaged $8.6 per square foot at the end of 2020, meaning a tenant with a budget of $12,858 per month would be able to rent less than 1500 square feet.

Hong Kong isn’t the only city with eye-watering prices for parking spots, with other dense cities like New York also enjoying parking spot prices of above $1 million.

In 2015, the Wall Street Journal said there were two condo developments in New York City that were charging over $1 million for a car bay.

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