Single parking spot in Hong Kong shatters property price record

Hong Kong, a city with some of the costliest real estate in the world, set a new record earlier this week with a single parking space in the Kowloon district.

The parking spot has just been rented out for HK$10,000 ($1,274) per month, making it the citys most expensive space.

The space is located in a parking lot at the luxury Ultima project in the residential Ho Man Tin area, according to property agents, as cited by Business Insider.

Renting the parking spot is reportedly more expensive than monthly rent for the citys smaller apartments. The price for a single spot has surged due to limited supply as the Ultima project only has 370 parking spaces for its 527 units. It features 520 apartments, seven houses, and one clubhouse.

Hong Kong, the second-wealthiest city in the world, continues breaking cost of living records. Last year, two units in a luxury residence at The Peak were sold for $149 million to a single buyer. An unnamed client purchased a 4,579-square foot apartment for $76.8 million and a 4,242-square foot apartment for $71.7 million.

Hong Kong reportedly keeps around HK$900 billion in fiscal reserves with less than one-tenth of its land area zoned for housing.

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