- $1.3 million is a new record for the world’s most expensive parking space.
- The previous record was set at $980,000 in 2019, while in 2012 it was “just” $387,000.
- More weird news here.
A parking space at an ultra-luxury development in Hong Kong’s affluent The Peak residential area just set a new record when it was sold for the eye-watering price of $1.3 million.
Wharf Holdings Ltd. and Nan Fung Group sold the parking space at the luxury Mount Nicholson residential project beating the previous record of $979,479 for a parking spot in an office tower, also in Hong Kong, set in 2019.
A single 12.5 square-metre (135 square-foot) car parking space has sold for a whopping HK$10 million ($1.3 mln) in Hong Kong.
— AFP News Agency (@AFP) June 4, 2021
To put the price of the parking space in perspective, according to AutoBlog, “A house on the Peak, a luxury residential area on Hong Kong Island which overlooks the city, rented for a record HK$1.6 million a month ($206,232 at today’s exchange rate) in May.”
That would amount to $2.5 million a year and when the year is over you own … nothing.
BBC reports that the record-setting parking space was just one of several spots recently sold in that residential area which often leads the list of the world’s most expensive places to live.
The first reported million-dollar parking space was part of some new luxury condominiums in lower Manhattan, according to UPI.
“The reality of New York City is that people are willing to pay more for a parking spot than the average person in the country pays for a home,” Robert Knackal, chairman of Massey Knackal Realty, said at the time.
Apparently, so will people in certain parts of Hong Kong.
All I want to know is when this person actually decides to park their car there, because I am dying to see what kind of car is worth parking in a spot that cost $1.3 million. What do you think? Bugatti? Ferrari? Lamborghini? Mini?