A Single Parking Space in Hong Kong Sells for $1.3 Million

·3-min read
Photo credit: South China Morning Post - Getty Images
Photo credit: South China Morning Post - Getty Images
  • $1.3 million is the new record for world's most expensive parking space, but it isn't that much higher than the previous record, which was set at $980,000 in 2019.

  • Both of those pricey car resting areas were in Hong Kong, which has some of the most expensive homes in Asia. One eye-popping location was recently rented out for a cost of $210,000 a month.

  • Hong Kong has been dealing with rising real estate prices for years, but looking back at the city's claim of the "world's most expensive parking spot" in 2012, it seems like a bargain now at just $387,000.

In some places, parking a car is free. Or maybe it costs a few quarters. But in Hong Kong, it could cost you $1.3 million. It's one of the few places where the pavement a McLaren Senna sits on is worth more than the vehicle itself.

Photo credit: South China Morning Post - Getty Images
Photo credit: South China Morning Post - Getty Images

Granted, $1.3 million is the price to buy the space outright, which someone recently did, according to the BBC. The spot is part of an ultra-luxury residential development called The Peak, located on Mount Nicholson. The BBC said this is where some of the most expensive homes in Asia are located, and other parking spaces there were also sold recently. Their prices were not recorded, perhaps because they were going for the discount rate of $1.29 million. The owner of The Peak, Wheelock Properties, did not respond to the BBC's request for comment, but to get a sense of the wealth concentrated there, the BBC said that one of its houses was rented out in May at a cost of $210,000 per month. That's $2.5 million a year to not own a home.

Every few years, the "most expensive parking spot" record topples because another, more absurd price has been agreed to somewhere. In 2012, the reported first million-dollar parking spot was part of some luxury condominiums in lower Manhattan, for example. The record that the Hong Kong spot just beat out was another spot in that city, which sold for just under a million dollars, $980,000, in 2019, according to Bloomberg.

Hong Kong has seen its parking costs rise like mad over the last decade. Back in 2012, Bloomberg noted that prices to buy parking spaces in Hong Kong—average residential parking spaces, not just at luxury developments—had climbed to $82,600 as the government put the brakes on home buying and rich people needed a place to put their money. Back then, the headline number for "this is the world's most expensive parking spot," was $387,000.

Parking spaces can be expensive all over the globe. In 2016, the Los Angeles Times noted that an "extra-exclusive private garage" called The Vault at the Bighorn Golf Club in Palm Springs, California. charged $110,000 for membership and $6500 a year to park there, plus a $250,000 fee to join the club and play golf there. In 2017, The Sun reported on a 400,000-pound ($566,000) underground parking space, but at least it could fit three cars and was located next to the Royal Albert Hall in London.

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