World’s most expensive parking space sells for almost £1 million
The world's most expensive parking space has been sold for a whopping £909,800.
Now that is what you call a parking lot.
The costly space was sold at the Mount Nicholson development which has been built in a swish area called The Peak in Hong Kong.
The development was once dubbed 'Asia's priciest address', according to The Daily Mail, and overlooks Victoria Harbour.
It means the price per square foot of the 134.5-square-foot parking spot was around £6,760, South China Morning Post reports.
William Lau, who is a sales director at Centaline Property Agency's branch on The Peak, told the publication that the price tag for the parking spot was negligible in comparison to the price of the flat.
He said: "It is definitely the most expensive car parking spot in Hong Kong.
"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."
In 2017, the development was named the priciest address when two apartments sold to the same buyer for around £105million (HK$1.16billion), the South China Morning Post report added.
The parking space sale broke the previous record for the world's most expensive car parking spot, which was also set in Hon Kong, in 2019 when a bay sold for more than £691,000 (HK$7.6m), according to Insider.
It was for a parking space in the basement of one of Hong Kong's 73-storey skyscrapers, known as 'The Center'.
In May, a house on The Peak was leased for £145,000 a month (HK$1.6million), according to Bloomberg.
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According to the Economist Intelligence Unit's 2020 Worldwide Cost of Living (WCOL) Survey, Hong Kong tied with Paris, France, and Zurich, Switzerland, as the most expensive city.
Earlier this year, the UK's most expensive parking spot went on sale for £350,000.
The 20ft long bay is in Knightsbridge in West London where one-bed apartments can fetch £5.5million.
The plot, at Kingston House South in Ennismore Gardens, was offered on a long lease, with a grille to deter vandals, a garage porter and CCTV.
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