Asia Pacific, Global Economics, News, The Rich

Hong Kong Parking Space Sells for HK$5.18 million

Hong Kong Parking Space Sells for HK$5.18 million

Hong Kong has set another record property price and it is now for a parking space. A 188-square-foot space on Hong Kong island sold for HK$5.18 million ($664,300), or HK$27,500 a square foot, last month. The car park costs more than some Hong Kong homes. The parking spot is at the residential building Upton, which was also the site of the previous record parking-space transaction.

“A 188-square-foot space on Hong Kong island sold for HK$5.18 million ($664,300), or HK$27,500 a square foot”

~ Bloomberg

Hong Kong’s property is consistently ranked among the world’s most unaffordable, thanks to a combination of low interest rates, pent-up demand and an influx of hot money from over the border in China.

Related Reports: Bloomberg, Barrons 


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