Hong Kong has a reputation of being way too expensive and after hearing the cost of parking spots in the city we have no doubt as to why it so is! In a recent mind-boggling news of sorts, a parking space in a plush HK locality was sold for a whopping 6 million HKD ($760,000). It was previously purchased by the anonymous seller for 3.4 million HKD ($433,000) in September 2017.
Located in the Sun Hung Kai Properties’ Ultima apartment complex in the Kowloon district, the space measures 16.4 feet by 8.2 feet, and is now one of the most expensive spot under the sun to park your car in. An analysis of its recent sale price suggests that is per square foot rate equals 44,444 HKD ($5,700), which is way higher than the city’s average rate for similar properties. However, this is by no means surprising considering that a flat in the Ultima apartment complex retails as high up as $12.5 million, for being situated in one of the city’s most populous and lush housing areas.
Talking about lavish parking spots, Manhattan gives Hong Kong a tough competition, with the city’s parking spaces costing as high as $1 million for a larger 300 square feet piece. While prices in that range can buy you luxury apartments in many parts of the country, its inspiring to see how residents in Hong Kong can make assets out of parking spots!