One-car space in luxury Hong Kong apartment complex sells for $ 1.3 million

HONG KONG: A single parking space was sold for as little as HK $ 10 million ($ 1.3 million) at a luxury apartment complex in Hong Kong, local media reported on Friday.

The 12.5-square-meter (135-square-foot) place is part of a development on The Peak, an upscale neighborhood that has attracted some of the city’s wealthiest residents since colonial times.

Boasting stunning views of Victoria Harbor, the top of the hill has mind-blowing real estate prices, including some of the most expensive real estate in the world.

While Hong Kong’s wealthy don’t think about wasting millions of dollars on their homes, millions of the city’s residents struggle to pay the rent on shoebox-style apartments – much smaller than the parking space.

A 2019 report from UBS said a ‘skilled worker’ needed 22 years of income to afford a 60 square meter apartment, up from 12 years ten years ago, with salaries remained roughly the same since 2008.

Another study from the same year listed the average price of real estate in Hong Kong at $ 1.2 million.

The luxury real estate market has rebounded after a period of uncertainty around growing political unrest in the city and appears to have weathered the economic impact of Covid-19.

This year, a 3,378-square-foot penthouse sold for US $ 59 million, setting a new benchmark for price per square foot at $ 17,500.

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