Someone Just Paid Nearly $1M For A Parking Spot In Hong Kong

Many say that urban development comes with a price, and most likely it's the price tag of location's or country's real estate that gets literally increasing with progress. Hong Kong, a continuously growing economy in Asia, is a stark example of a progressive country with increasing real estate prices, and this story concretizes the hypothesis.

According to a report by South China Morning Post, a parking spot at The Center, a 73-story office tower in Central Hong Kong, was sold for a whopping HK$7.6 million or around $969,000 at the current exchange rates.

With that said, the said spot is now the most expensive space to park, according to South China Morning Post.

To give you an idea of how expensive his property is, let's break it down to the nitty-gritty. At the price it was sold, the 134.5-square-feet (12.5-square-meter) parking spot costs around HK$56,505 per sq-ft or around $7,200 per sq ft. The average price of a Manhattan real estate is at $1,770 per sq ft, making the Hong Kong parking spot four times the price of a luxury apartment in New York.

South China Morning Post also mentioned that his price is more than three times the median home price of Hong Kong – a price that has topped global ranking for nine consecutive years.

The owner of the parking spot, Johnny Cheung Shun-yee, declined to mention who the buyer is in his interview with South China Morning Post. He only mentioned that he sold the last of his four parking slots in The Center to someone who has an office in the building.