US News: A Single Car Parking Spot Just Sold in Hong Kong for Almost a Million Dollars - - PressFrom - United Kingdom
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US News A Single Car Parking Spot Just Sold in Hong Kong for Almost a Million Dollars

13:25  23 october  2019
13:25  23 october  2019 Source:   time.com

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A single parking space in Hong Kong that was bought for 0,000 less than a year ago was just resold for HK million (0,000), setting a new property world record. The parking space at the luxury Ultima project located in the Kowloon district was initially bought in September 2017 by a local

The parking spot at the luxury Ultima apartment complex is located in Hong Kong ’s Kowloon district. It was initially bought in September 2017 by a local couple for HK .4 million (0,000) In November, two of the most expensive apartments in Asia sold for a combined 9 million to a single buyer.

  A Single Car Parking Spot Just Sold in Hong Kong for Almost a Million Dollars © Getty Images

There have been many times when you would have given anything for a parking spot—but almost a million bucks?

Hong Kong is notorious for its high property prices, and has some of the most expensive homes globally. Now, it may also have what might be the world’s priciest place to park your car.

A single, 134.5 square foot parking spot at a 73-storey office tower in the glitzy financial district has sold for $969,000, according to local media reports. That works out to just over $7,200 per square foot. By comparison, the average apartment in upscale Manhattan goes for four times less, at around $1,770, according to real estate analytics firm NeighborhoodX.

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HONG KONG — In many places, 4,000 can buy you a nice house. For that price in Hong Kong , you can buy a slab of concrete, roughly 17 feet long and 11 feet wide, to leave your luxury car . Hong Kong is now home to a very expensive parking spot , the latest sign of a property market run amok.

Spare a thought for Hong Kong ’s beleaguered car owners. The market for parking spaces is hotter than ever as a single spot in a luxury development in Kowloon’s Ho Man Tin district changed The average parking space now goes for about HK .25 million , a more than sixfold increase since 2006.

The owner of the parking spot, logistics tycoon Johnny Cheung, sold it to somebody who has an office in the building. The sales price, per square foot, is three times more than the median square foot price for homes in Hong Kong, which has been ranked by the Demographia International Housing Affordability Survey as the world’s most expensive housing market for the ninth straight year.

The transaction also underscores the wide social inequality in the semi-autonomous Chinese territory, which some say is the heart of the political unrest that has simmered for close to five months and sparked a sharp economic downturn. It seems, though, that some wealthy individuals are immune.

One senior realtor told media: “Good times or bad times, there are still ultra-rich people paying whatever needed to get what they like.”

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