Parking spot sold for a whopping $969,000 in Hong Kong. Know why

A parking spot in Hong Kong surpasses the price of a one bedroom apartment in Manhattan.

The struggle for a good parking spot in a busy city is always a headache. And if you are living in one of the costliest cities where real estate prices have sky rocketed how much will you shell out to park your car?

A single, 134.5 square foot parking spot was sold for $969,000 (representational image). (Unsplash)

Recently, Hong Kong broke all records when a parking spot in a 73-storey office tower was sold for a whopping 1 million dollars, reports TIME. Basically, a parking spot in Hong Kong surpasses the price of a one bedroom apartment in Manhattan.

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For many Hong Kong has always been the extravagant financial capital where buying a property will burn a huge hole in the pocket.

A single, 134.5 square foot parking spot was sold for $969,000, reports real estate analytics firm NeighborhoodX, . That amounts to $7,200 per square foot. By comparison, the average apartment in upscale Manhattan goes for four times less, at around $1,770.

The parking spot was sold to a person who has an office in the building by the logistics tycoon Johnny Cheung.

What do you think of such an expensive parking spot?