World Economy

$547k for a Parking Space in HK

$547k for a Parking Space in HK$547k for a Parking Space in HK

In Hong Kong, parking spaces are some of the hottest properties on the market. Eager buyers in this densely populated city have pushed prices to record highs in recent months, with prime spaces now selling for far more than the luxury cars that park in them, CNN reported. In May, a single space in a residential neighborhood on Hong Kong Island went for 4.24 million Hong Kong dollars ($547,000), making it the most expensive parking space ever sold in the territory. The quirky market is being driven by a combination of factors: Low supply, high demand, and speculators who view parking spaces as a potentially lucrative investment opportunity.