This parking lot in Hong Kong costs more than most supercars. Find out why

Getting a parking spot in a congested urban area can be a tough thing for sure. But have you ever heard of a parking spot costing $1.3 million? Sounds ridiculous but it is very much real. You can start calculating how many parking spots you can buy with this much money in any Indian city.

BBC News reported that a parking spot has been sold at an ultra-luxury space in Hong Kong's The Peak residential area made the headlines for selling a parking spot at $1.3 million. You can buy any of the majority of supercars available in the world with this amount.

Wondering what you can buy at this amount of money? Well a Pagani Huayra, 2022 Porsche 911 GT3, Porsche 918 Spyder can be yours at this or even at a lower price point.

A question certainly arises - why a parking spot is this much expensive in Hong Kong? Hong Kong is very much crowded and affording a space here attracts a huge premium. Be it for living or parking a vehicle.

The Mount Nicholson development overlooking the city's Victoria Harbour has some of Asia's most valuable homes.

Being the global financial hub, Hong Kong is very much crowded and one of the most expensive places to live. Getting a space in the city whether it is for living in or parking a car, can attract a huge premium.

Like many other big cities around the world, Hong Kong too has developed a huge speculative market for property and the $1.3 worth parking spot is just a result of that.

Interestingly, getting a parking space for a fortune is not new in Hong Kong. Previously a parking spot in Hong Kong fetched $980,000 in 2019.