Parking in Hong Kong doesn't come cheap.
Cities around the world are getting seriously overpopulated. For most that means packed subways and buses and expensive apartment rentals, but in cities such as Hong Kong, parking spots are also hot property. Despite implementing modern parking solutions, Hong Kong is experiencing a massive shortage in parking space, and a single spot can end up costing you more than the average house in the US. A recent spot sold for an incredible $1.3 million, setting a new record in the city. At that price, you could buy a McLaren Senna and have enough change left for a couple of Chevrolet Corvettes.
Hong Kong packs over seven and a half million people into 428 square miles, and is one of the most densely populated cities in the world and one of the most expensive to live in. Seen as one of the major economic powerhouses of the People's Republic of China, this city attracts big money, and when it comes to parking spaces, the rich are clearly willing to spend. The record setting spot sits in an ultra-luxury development located in The Peak residential area, situated on the highest hill in Hong Kong. The parking lot which sold for $1.3 million broke the previous record of $980,000 set back in 2019.
With the effects of the pandemic subsiding in China, and more specifically Hong Kong, the luxury housing market has seen an uptick in sales, and records are being set all over the place. Last month, a house located on the Peak was rented out at $210,000 per month. To put that into perspective, that's like paying your landlord with a brand new Lamborghini Urus every month. It is unknown what car will be filling the $1.3 million parking spot, but it better be something with an asking price that's worth more than its own bedroom.