Car park space sold for $1.7 million

If you thought parking in major Australian cities was expensive, think again.

The world’s most expensive car parking space has sold in Hong Kong for around $1.7 million.

The astronomical price is for a car spot located in Hong Kong’s The Peak residential area, which is one of the most expensive regions in the city.

It’s not clear what vehicle will be parked in the ultra-expensive car space, but it’s understood to be part of a new super-luxury apartment complex at Mount Nicholson, with view over Victoria Harbour.

Prices for property in the area are also astronomical and mirror Australia’s rebounding property market as the COVID-19 pandemic eases, with record prices paid for real estate.

It makes some of Sydney’s most exclusive suburbs look quaint, with the BBC reporting that a house in the same region as the expensive car park broke a rental record, with occupants paying $210,000 a month.

According to the Bloomberg, the $1.7 million car spot breaks the previous record, also in Hong Kong, where $1.26m was for paid for a car park in 2019.