Hong Kong parking space sells for record $1.3 million
Hong Kong property market remains red-hot
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This should make the car insurance look cheap.
The Mount Nicholson development overlooks downtown Hong Kong. (Google Earth)
A single parking space in Hong Kong has sold for a record $1.3 million.
The stall is located within a luxury development on Mount Nicholson that has a view of downtown across Victoria Bay, the BBC reported. A home in the area was recently rented for $210,000 per month.
The reported price for the parking space eclipses a previous high of $969,000 that was paid for a spot in a downtown office building in 2019.
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Hong Kong's real estate market is one of the world's hottest with average prices rising 200 percent over the past decade to $1,987 per square foot, which is double the average in London, according to the Financial Times.