This parking lot in Hong Kong costs more than most supercars. Find out why
- A parking spot in Hong Kong fetched $1.3 million becoming the most expensive parking space in the world.
- The previous record of most expensive parking space was $980,000 sold in 2019 in Hong Kong.
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.
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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.
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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.