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Parking has been getting more expensive, especially in New York and other cities, but Hong Kong has them all beat.

autoevolution 5 Jun 2021, 5:13 UTC · by It seems ridiculous to pay tens of millions of dollars for an apartment in a new residential building and, for this kind of cash, not have parking included. But in a city like Hong Kong, where space is limited and very expensive, it’s every day reality. 6 photos This brings us to the headline: a new world record has been set for the most expensive parking spot. According to South China Morning Post, a single parking spot, measuring 12.5 square meters (134.5 square feet) in The Mount Nicholson development, situated in The Peak affluent neighborh...

Hong Kong set the record for the cost of a parking space in a luxury area in Hong Kong.

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Share this article Finding a place to park amid the tangle of Hong Kong’s traffic is no small feat: the city’s roads are perpetually tangled with traffic, and according to the BBC there’s roughly 29 square feet of park space per resident, essentially the size of a coffin. The city’s moneyed elite, however, are willing to pay the cost of convenience to land a primo parking spot — so much so, in fact, that one of them just set a world record by dropping a stunning $1.3 million USD on a single parking space in the city’s Mount Nicholson development.