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. 

Source: primogif

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. 

Source: NY Post (Representational Image)

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.

Source: Mashable (Representational Image)

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. 

Source: NYT

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. 

Source: SCMP

Of course, Twitter's reaction to the news was priceless: 

Thank God I don't own a car!