Paying to park in major cities—or nearly any metropolitan area—is never fun. It's usually expensive and space is incredibly limited. New York City is just awful in this matter, but it doesn't have anything on Hong Kong.
One driver paid HK$10.2 million (approximately $1.3 million) for a single parking spot, which is a new record, Hong Kong Economic Times reported last week.
The identity of the buyer remains a mystery but the sellers have been confirmed as developers Wharf Holdings Ltd. and Nan Fung Group.
The new figure smashes the previous record of HK$7.6M paid for a spot in 2019 and makes the HK$5.18M paid for a spot in 2017 look like a bargain. However, Hong Kong has topped the list of world's most expensive real estate for the past several years so the news doesn't come as a complete shock.
While the previous record was for a standard parking spot located in an office tower, the new record spot is reportedly located at a luxury residential project under development on Hong Kong's Mount Nicholson. We can't confirm if it will house some extravagant capabilities, like some luxury lofts with drive-in elevators to bring your exotic car up to your residence, but you'd kind of want some extras paying that much.