Hong Kong is one of the busiest and most densely populated regions on Earth. As a result of its overcrowded nature, space is one of the most valuable elements in Kong Kong, so it can be rather pricey for the average citizen to have a vehicle of their own.
Yesterday, business tycoon Johnny Cheung sold 135 square feet (12.5 square meters) of parking space for close to a million dollars. Who the parking spot was sold to remains unknown.
The spot is located near The Center, an office building in a highly active central area in Hong Kong. Three of the other spots owned by Cheung also brought his finances up by several hundred thousand dollars each.
Most exorbitant city
With so many people inhabiting the island, space in Hong Kong has been an increasingly valued commodity for some time. Prior to the sale of this space, the priciest parking spot in the region went for $760,000 and was located by a high-end Kowloon apartment building last year.
Mercer’s annual Cost of Living survey indicates that Hong Kong took the number one spot for the most costly cities to live in for both 2018 and 2019. According to the real estate company CBRE, a typical house in Hong Kong will cost around $1.23 million. This earns the city the top spot on the list of most expensive real estate around the globe, beating London, Singapore, Shanghai, and New York.
Considering all the chaos swirling around Hong Kong at the moment, it’s interesting that purchasing property in the region would be in such demand. Five consecutive months of protests has given rise to concerns over Hong Kong’s financial stability. Some believe the city’s status as a financial center is in jeopardy.
Many average office employees don’t possess the funds to acquire a strongly desired parking spot near The Center, and have to settle for a $10 commute on the MTR subway.