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14 Jun, 2017 14:45

Parking space sold for record $664K in Hong Kong

Parking space sold for record $664K in Hong Kong

Famous for its sky-high property prices, Hong Kong has just set another price record with the sale of a parking place which cost the owner more than the price of some two-bedroom homes in the city.

According to a local newspaper citing land registration records, the 188-sq-ft (17.5-sq-meter) space is on the first floor at a luxury apartment complex in the west of Hong Kong Island.

The $664,300 (HK$5.18 million) spot was bought by an executive director at an investment firm, the South China Morning Post reported, calling the sale a world record.

The price topped the $615,000 (HK$4.8 million) paid for a parking space last year at another luxury residential complex.

Last month, a Hong Kong tycoon bought an entire carpark building for $3 billion in the city’s central business and shopping district.

Hong Kong property is consistently ranked among the world’s most unaffordable, and prices continue to soar.

Over the past five years, rental prices in the city – which is one of Asia's wealthiest – have increased nearly 50 percent, reaching an all-time high. The average price per square foot in Hong Kong is slightly lower than New York City, hovering at around $1,380.

A survey conducted last week by consultancy firm ECA International showed the city is the most expensive place in Asia Pacific for expatriates to reside.