Paying to park in major cities—or nearly any metropolitan area—is never fun. It’s usually expensive and space is incredibly limited. New York City is just awful, but it doesn’t have anything on Hong Kong.
One driver paid $ 664,200 for a single parking space, according to a report from Reuters. That figure exceeds the cost of some pretty magnificent cars themselves. Per the report. Hong Kong is having trouble containing property prices. With such demand comes high costs.
The parking space was sold to Kwan Wai-ming on May 31, records at the Land Registry show. He is an executive director at Huarong Investment Stock Corporation Ltd, which means the executive likely has no issue forking over such a high price for such little property. For some perspective, the parking space cost more than a typical nano apartment, which normally list for around $ 500,000 and measure 200 square feet.
With such a high cost, you’d think it would house some extravagant capabilities, like some luxury lofts with elevators built just for exotic cars. Alas, that is not the case. It’s just a typical spot in a residential building, and the price was driven by demand outdoing the available supply.
“Demand and supply for parking spaces are seriously out of balance,” Centaline Property Agency research director Wong Leung-sing said.