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Home / It's Viral / Parking spot sold for a whopping $969,000 in Hong Kong. Know why

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. 

it-s-viral Updated: Oct 25, 2019, 18:48 IST
Srimoyee Chowdhury
Srimoyee Chowdhury
Hindustan Times, New Delhi
A single, 134.5 square foot parking spot was sold for $969,000 (representational image).
A single, 134.5 square foot parking spot was sold for $969,000 (representational image). (Unsplash)

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?

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. 

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?

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