Hong Kong parking space sells for almost $1M

A parking space in Hong Kong just sold for nearly $1 million and might now be the most expensive place in the world to back into.

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An unknown buyer gobbled up a parking spot at The Center, a high-rise office complex in Hong Kong, for the cool price of $969,000. The seller of the spot, Johnny Cheung Shun-yee, had recently moved three other parking spots at the same location, each of which has reportedly gone for six-figures in other sales.

The Center already set another record. In 2017, it became the world’s most expensive commercial real estate transaction when it sold for $5.15 billion.

Data on what is the world’s most expensive parking space is a bit cloudy. There is a claim that a luxury project in Hong Kong held the previous mark with a spot there costing $760,000.

Despite recent pro-democracy protests having shaken Hong Kong, the value is apparently still strong in the luxury car space market. The parking space at The Center “Is currently vacant” according to the South China Morning Post.

View of a residential area with tall residential buildings in Hong Kong

“The lot is on the top of The Center’s three-level basement, reserved as executive parking for tenants only, and the sold unit sits against a wall with an alcove, which provides easier access for the owner,” the South China Morning Post reported.

This sticker price isn’t a huge shock for Hong Kong, which is tied with Paris and Singapore as the world’s most expensive place to live. The average home price in Hong Kong is $1.2 million, putting into perspective the cost for prime parking.

New York City, of course, where space is at a premium, routinely sees parking spaces for sale in the seven figures. Brooklyn, for instance, is now seeing spaces going for $300,000.

Renting in the city comes at a cost too, ranging in most areas from $400 a month to upward of $1,200 a month to lease a spot. Parking in the six figures, even in hip and trendy Brooklyn, is often the norm.

Boston parking spaces are at a premium too, the market ranging from $50,000 to $350,000.