Featured Image for In Hong Kong, a parking slot just sold for a crazy $664,200

In Hong Kong, a parking slot just sold for a crazy $664,200

In many countries, an AUS$875,738 (US$664,200) budget can fetch you a luxury apartment or a house. Or in the case of Hong Kong, it can get you a parking spot.

Kwan Wai-ming, an investment firm director, recently bought a 188-square-metre residential parking space for the ridiculous sum. That’s about AUS$4,653 (US$3,532) per square foot – or more than the average price per square foot of a condo in other parts of Hong Kong.

The price is so crazy, that local reports are saying it’s even a world record, surpassing the AUS$810,227 (US$615,000) paid for a different parking space last year.

This recent sale further cements Hong Kong’s reputation as having the most expensive, unaffordable property market in the world. And it’s not stopping anytime soon. In fact, prices have soared 50 percent in the last five years, forcing many businesses to shut down and families to live in cramped apartments.

Your move, New York City.

Via Next Shark

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