Parking Lots: Car Space Sells for $1.3M in Hong Kong

Jun 4, 2021 | BIZ, Hong Kong, NEWS

by AFP

A view of Hong Kong’s Victoria Harbour carries a hefty price tag, with property prices in the city among the most expensive in the world

A single car parking space has been sold for a whopping HK$10 million ($1.3 million) at a luxury Hong Kong apartment complex, local media reported on Friday.

The 12.5 square-meter (135 square-foot) spot is part of a development on The Peak, a swanky area that has attracted some of the city’s richest residents since colonial times.

Boasting breath-taking views over Victoria Harbor, the hilltop has eye-watering property prices — including some of the world’s most expensive real estate.

While Hong Kong’s wealthy think nothing of dropping millions of dollars for their homes, millions of the city’s residents struggle to afford the rent on shoe-box apartments — many smaller than the parking space.

A 2019 report by UBS said a “skilled worker” needed 22 years of income to afford a 60-square-meter flat, up from 12 years a decade ago, with salaries staying largely the same since 2008.

Another study from the same year listed the average property price in Hong Kong at $1.2 million.

The luxury property market has rebounded following a period of uncertainty around growing political unrest in the city, and appears to have weathered the economic impact of Covid-19.

This year, a 3,378-square-foot penthouse sold for US$59 million, setting a new benchmark for price per square foot at $17,500.