It’s no secret that finding a good parking space can be a real pain.
But looks like it was enough of a pain that someone in Hong Kong paid a whopping $1.3 million i.e. approx ₹9.4 crores for a parking space.
Yes, according to BBC, in one of Hong Kong’s most luxurious locations, The Peak residential area, a parking lot was bought for $1.3 million, setting the record for the world’s most expensive parking space.
The previous record for the world’s most expensive parking space was also held by Hong Kong – it was for a parking spot costing $980,000 in 2019.
But why exactly are the prices of parking lots in Hong Kong more expensive than the cars that might be parked there? According to reports, it’s all a result of overcrowding, which has led to a steep rise in real estate prices.
Hong Kong is considered a global financial hub, and in 2019, was ranked the fourth most expensive city for expats. Thus, property here is not easy to come by.
In fact, The Peak at Mount Nicholson is one of the most luxurious areas in Hong Kong, where some of the most expensive houses in Asia are located.
Of course, Twitter’s reaction to the news was priceless:
Mf paid 1.4 million for a parking space in Hong Kong today..— ImBrokeBaby (@ThereHe_Go) June 5, 2021
Goodness. Buy a bike?— Philip Oldfield (@SustainableTall) June 4, 2021
A parking space has reportedly sold for a record-breaking $1.3m (HK$10.2m; £930,000) in Hong Kong. https://t.co/GPnuXGXTuD
Parking is land. It’s never free.— Tim Querengesser (@timquerengesser) June 6, 2021
Here’s what it’s worth in Hong Kong:https://t.co/4KNWBKwgeQ
Peak parking space pricing at Hong Kong’s The Peak. Electric vehicles still contribute to congestion and storage 95 percent of time. Same old problems in a new century. https://t.co/K0VRIVVJO7— Sandy James Planner (@sandyjamesplan) June 4, 2021
A parking space of 135 square feet sold for USD1.3 million in Hong Kong…https://t.co/swFE6R6RdW— Vishal Bhargava (@VishalBhargava5) June 5, 2021
Hong Kong is so crowded that space, whether it is for living in or parking a car, can attract a huge premium. The global financial hub often tops lists of the world’s most expensive places to live.https://t.co/AMo5YgkGMf— Peter Kamau Ng’ang’a (@pkamau99) June 4, 2021
Headline: Hong Kong parking space sells for $1.3M, sets new world record.— Grumpy Dingo Radio (@RadioDingo) June 5, 2021
How many bathrooms do I get with that parking space?https://t.co/X1uHAzDKRb pic.twitter.com/ki94cENK7N
Wow, a parking space in Hong Kong sold for 1.3 million dollars! pic.twitter.com/ELGOn09NqO— Ramesh (@nottsramesh) June 4, 2021
Thank God I don’t own a car!