Parking Space in Hong Kong Sells For US$760,000 – Sets New Record for Most Expensive PSF

Imagine paying US$760,000 (or HK$6 million) for a small piece of land, measuring just 16.4 by 8.2 feet. Look down at your feet now; imagine paying about US$5,650 (per square foot) for the space that your feet occupies, and imagine it covered in concrete and oil. Someone in Hong Kong certainly thought it was worth it, and just paid that amount so to have a small spot to park his/her car.

The parking space is located in central Kowloon, in the Ho Man Tin area, and is part of the Ultima apartment complex. The average price psf for a small flat in the same area is just over US$3,200. When the Ultima development was first sold in 2017, it cost from US$407,000 onwards for a 900 sqf unit – that’s about US$450 psf. So, it’s more expensive to house your car than to house your loved ones and yourself.

The Ultima development where said parking is located. Image via SCMP.

Just a few months ago, a parking spot in the same development was rented out for almost US$1,300 a month. We can only conclude that those people living in the Ultima neighbourhood must be real petrolheads.

South China Morning Post spoke to an agent “familiar with the deal”, who said that residents of Ultima tend to prefer cars like Ferraris and Lamborghinis. It makes a little bit of sense then, considering that these cars are worth a bit more than your average workaday car. No news on what car the new owner intends to park there, but we’re presuming it’s something similar. That said, the couple who sold the bay parked an Audi sedan in the space…(Nothing against Audis, but…)

The agent also said that severe shortage of parking bays in the area and across the city have driven the prices of these seemingly unimpressive spaces up and up.

On a side note, if you’re looking to invest in property in Hong Kong, the previous owners of the bay bought it only nine months earlier, and made a sweet US$330,000 profit from the recent sale.

This, however, doesn’t make it the most expensive parking space ever sold. That goes to various parking spots in New York City, with price tags of US$1 million apiece, but are larger in size than the one just sold in Hong Kong. Still….we think the world is going a bit cray cray.

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