Sold for $1.3 Million: A Single Parking Space in Hong Kong

In major cities, the cost of parking spaces can be completely out of reach for many motorists. Home-owners and apartment dwellers in Toronto, Vancouver and Montreal, and even more so in New York, Paris and London, are used to paying through the nose for a spot to park their vehicle.

These folks can take consolation they don’t live in Hong Kong. A parking space recently sold there for an astronomical $1.3 million USD. The definition of insanity.

Now, Hong Kong is one of the most densely populated metropolitan areas in the world, and as a result, motorists have a hard time finding a parking space. That's why a space in The Mount Nicholson development, home to some of the most expensive homes in Asia, sold for the record amount of $1.3 million.

The parking spot is located in a residential development called The Peak, which overlooks Hong Kong's Victoria Harbour. The location was one of 29 sold in a bidding process offered to homeowners last month, reports the South China Morning Post.

As mentioned, this is a new record for Hong Kong, whose most expensive parking lot before this sale had been $980,000 USD, a mark set in 2019 in a 73-story office tower.

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