Imagine Paying $1.3 Million… For A Parking Spot!

In this Tuesday, Jan. 24, 2012 photo, a night view of the Hong Kong Island's legendary skyline is seen. With its bustling harbor and glittering, neon-drenched skyscrapers set against a backdrop of verdant, towering peaks, Hong Kong is undeniably one of the world's most scenic cities. (AP Photo/Vincent Yu)

If you have to ask how much that parking space costs, you probably can’t afford it.

But, since you asked, a single-car spot for a resident in a swanky Hong Kong apartment complex, has sold for $1.3 million, according to local media reports.

And that’s a record. The seven-figure price tops the two-year-old mark of $969,000 paid for a spot downtown at an office building. 

Those who live at this particular complex are afforded among the best views of Victoria Bay, a secure place to call home on a hilltop and a prime spot on the list of the world’s most expensive real estate. The BBC reported a home near there was rented for $210,000 per month.

This parking stall is a sturdy little 135 square-foot plot of paved heaven, apparently, and the historic district is home to the wealthiest of residents – for generations. 

Conversely, that “little” 135 square feet is larger than some properties being rented by the city’s less-fortunate inhabitants.

In a story from AFP, a 2019 report by UBS is referenced, which said a “skilled worker” needed 22 years of income to afford a 60-square-meter residence, up from 12 years a decade ago, with salaries staying largely the same since 2008.

Another study from 2019 pegged the average property price in Hong Kong at $1.2 million.

And, AFP reports, this year, a 3,378-square-foot penthouse sold for $59 million.

The overall real estate market in Hong Kong is skyrocketing as the pandemic recovery continues. 

The Financial Times reported average prices up 200 percent the past 10 years to $1,987 per square foot, double the average in London.

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