A couple in Hong Kong recently made a whopping 2.6 million Hong Kong dollars ($330,000) profit by selling a car parking space they purchased just about nine months ago.
Measuring 16.4 feet by 8.2 feet, the single parking spot at Sun Hung Kai Properties’ Ultima apartment complex in the Kowloon district was reportedly sold on Monday for 6 million HKD ($760,000).Based on the documents from the Land Registry, the couple originally paid 3.4 million HKD ($433,000) for the property in September 2017.
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According to the South China Morning Post, exorbitant purchase price, which equates to 44,444 HKD ($5,700) per square foot, makes it the most expensive place to park a car on the planet.
Compared to the average for residential property in Hong Kong, which stands at 15,600 HKD ($2,000) per square foot across the city as a whole and 16,350 HKD ($2,084) per square foot in Kowloon, the price paid for the parking space is significantly higher.
While it is higher than the average going rate of 25,248 HKD ($3,217) per square foot for a very small flat, it is at least lower than the cost of a luxury apartment in the same area which can cost over 50,000 HKD ($6,370) per square foot. Therefore, residents opt for short term parking only.