A Parking Space in Hong Kong Was Sold for Nearly $1 Million

We all know how valuable parking spaces in congested cities are, but would you be willing to pay almost $1 million for one? An unidentified man in Hong Kong paid a whopping $969,000 for a 135-square-foot parking space in front of The Center — the city’s fifth tallest building. Businessman Johnny Cheung, who owned four of the 400 spaces in front of the building, sold his final space after making six-figure profits on his three previous listings. There aren’t many parking spaces in the office towers that are for sale, so prices have always remained high. The Center is a 79-floor steel office building that’s home to major companies. A parking space in front of the tower is considered prime real estate, as the building is located in one of the busiest, most central areas of the city. Previously, the most expensive parking space in the city was sold for $760,000 in 2018, and was in front of the Kowloon luxury apartment building. It comes as no surprise that the prices for something as simple as a parking space are so extreme. For the past two years, Hong Kong has been at the top of the world ranking for the cost of living.