Someone Bought This Parking Spot in Hong Kong for $547,000

hkparking space

In Hong Kong, people with money might have designer clothes and nice cars, but people who are really wealthy have something even more elite: a parking space.

Hong Kong has the most expensive parking spot real estate in the world. Earlier this year, a single parking space in a Hong Kong residential neighborhood sold for 4.24 million Hong Kong dollars ($547,000), making it the most expensive spot ever bought on the island.

And that was actually a good deal. When the market peaked in 2012, single parking spots were offered for up to $640,000. Jacinto Tong (pictured above), eccentric parking spot millionaire and the CEO of a Hong Kong property firm, owned several of these high-priced parking spots. He told CNN in 2012:

“I think this is the best car park space I ever had … You can go straight to the office and the elevator. Only 20 steps — 20 steps!”

If the 20 steps doesn’t sell you, nothing in the world will. To give you a good idea of what you are paying for, you get an 8-foot by 16-foot space at around $5000 a square foot.

Of course, Hong Kong also boasts the world’s lowest car ownership rates with about 62 cars per 1000 people, and there are only a total of 683,000 parking spots for a population of over 7 million.

If Hong Kong didn’t have a world-class public transportation system, those protesters would definitely be fighting for democracy and a parking garage or two.

Source: CNNMoney

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