World's Most Expensive Parking Space Has Been Sold In Hong Kong

A parking space in Hong Kong has sold for more than 10 million Hong Kong dollars (around $1.3m or £909,800) and is thought to be the most expensive parking spot ever sold.

Numerous spaces were sold at the Mount Nicholson development which has been built in a swish area called The Peak.

The development was once dubbed 'Asia's priciest address', according to The Daily Mail, and if these are the sort of prices we're seeing for parking spaces I think we can all see why.

South China Morning Post crunched the numbers and reported that the price per square foot of the 134.5-square-foot parking spot was around HK$74,350 (around $9,600 or £6,760).

Getty

William Lau, a sales director at Centaline Property Agency, told South China Morning Post: "It is definitely the most expensive car parking spot in Hong Kong."

He went on to say that the amount the buyer paid for the parking space was fairly insignificant compared to what they paid for the flat.

Yikes.

Lau added: "What concerns them most is that they need space to park their cars and not the money.

"They have bought it for their own use and not as an investment."

According to Insider, the sale smashed a world record for the most expensive parking spot, with the last one also set in Hong Kong in 2019.

That time, one... erm... 'lucky' buyer managed to snap up a space for HK$7.6m (around $979,760/£691,000).

The Mount Nicholson development assured its status as 'priciest address' after two apartments were sold for a combined HK$1.16 billion (around $149m/£105m).

Earlier this year, the UK's most expensive parking spot went on sale for £350,000 ($496,000).

Rightmove

Rightmove

The three-metre by six-metre spot in London's fancy Knightsbridge area comes with a long leasehold, a daily garage porter and CCTV.

Well, what a bargain, eh?

The space located in the SW7 area less than a mile away from South Kensington Station, Knightsbridge Station and Gloucester Road Station.

For a bit of context, in other parts of the country you'd be able to get a five-bedroom detached house for the same price, which puts into perspective just how expensive this space is.

Topics: World News, Interesting

Claire Reid

Claire is a journalist at LADbible who, after dossing around for a few years, went to Liverpool John Moores University. She graduated with a degree in Journalism and a whole load of debt. When not writing words in exchange for money she is usually at home watching serial killer documentaries surrounded by cats. You can contact Claire at [email protected]

@ClaireReid19