Someone Paid $765,000 For A Parking Space In Hong Kong

Money |

Anyone who lives in a busy city knows that parking can be difficult. People will go far out their way and often pay high prices to make sure their vehicle has a relatively safe place to be when they’re not using it. While there are plenty of areas across the world where this is an issue, only a few extreme examples show how surprisingly challenging something as simple as parking a car can be.

Twitter - @Reuters

One of these places is Hong Kong, which has a population of over 7.4 million people in roughly 426 square miles, making it the fourth-most densely populated region in the world. These figures definitely help to understand how a parking spot could sell there for $765,000.

Twitter - @business

As crazy as it sounds, there’s actually an area in a luxury development in Kowloon’s Ho Man Tin district where the market for spots is hot enough to require this ridiculous price tag. For the last eight years straight, Hong Kong has held the record for the world’s least affordable housing prices. Many blame the city’s developers, in that they’ve figured out they make more money building apartment than garages.

Twitter - @Reuters

Over the last decade or so, the number of spots has gone up almost 10%, while the amount of private cars has increased almost five times that much to around 500,000. This has caused some residents to resort to unusual solutions, like investing in golf carts that cost up to a quarter of a million dollars, and even sending their cars to park in other countries. And Hong Kong isn’t the only place with these problems. At one point, a parking space in New York was advertised for $1 million. Learn more about this weird issue here, and check out the actual Hong Kong parking space below.

Twitter - @Reuters

Like it? Share with your friends!

Share On Facebook