Parking Space That Sold for $664,200 Proves How Crazy Expensive Hong Kong Is
A 188-square-foot parking space in Hong Kong was sold for a whopping HKD $5.18 million ($664,200), which local reports are calling a world record.
Purchased by an investment firm director, Kwan Wai-ming, the space is located on the first floor of the Upton luxury apartment complex near the harborfront in the west of Hong Kong Island, AFP reported (via Yahoo News), citing records from the city’s Land Registry.
The price surpassed the HKD $4.8 million ($615,000) paid for a parking space back in October at a different luxury apartment complex.
The sale comes a month after a tycoon in Hong Kong forked over $3 billion for an entire parking lot in the city’s central business and shopping district.
Increasing rents have left many small businesses in the city shuttered and residents unable to afford decent homes, even though the government has taken various measures to cool runaway prices.
Rental prices in Hong Kong have jumped nearly 50% over the past five years, with the average price per square foot being slightly lower than New York City at around $1,380, according to RT.com.
An ECA International survey released last week revealed that Hong Kong is one of the most expensive places in Asia Pacific for expatriates to live in.