A single parking space in Hong Kong has sold for £560,000, making it more expensive per square foot than an apartment.
The 16.4 by 8.2 feet spot space is attached to the Ultima apartment complex in the city’s Ho Man Tin area, in central Kowloon, the most densely populated part of Hong Kong.
The space was sold by a Hong Kong couple, who paid £323,000 for it in September 2017, the South China Morning Post reported.
Hong Kong consistently ranks as the world’s most expensive city and has now taken the title for the seventh year in a row (file picture)
At roughly £4000 per square foot, its price puts it well above the average of £1268 per square foot for apartments in the city, as measured by property website Squarefoot.
But eye watering price for the parking space make it the most expensive parking space in the world.
Ones in Manhattan have been on sale $1 million though they were far larger, at around 300 square feet, compared to the 130 square feet for the Hong Kong space.
A 900 square foot flat in the complex sold for upwards of £2.4 million when it was first made available in 2017, according to developer Sun Hung Kai.
The price per square foot of the parking spot is substantially more than that for an apartment in the city
The £560,000 price exceeds £495,600 paid for a spot in Sai Ying Pun, on Hong Kong Island in 2017, the previous most expensive in the city.
‘The development is in a luxury residential area,’ said Sandra Liu, a director at Centaline Property Agency.
‘The residents have a lot of cash. Their convenience is more important.’
Hong Kong topped a list of the most expensive cities in the world in 2017, the seventh year in a row in a row has held the position.
The the median price of a home in the city costs around 19 times the annual median household income.