Parking lots: Car space sells for $1.3m in Hong Kong

New York: A single car parking space has been sold for a whopping HK$10 million ($1.3 million) at a luxury Hong Kong apartment complex, local media reported on Friday.

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The 12.5 square-metre spot is part of a development on The Peak, a swanky area that has attracted some of the city’s richest residents since colonial times.

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Boasting breath-taking views over Victoria Harbour, the hilltop has eye-watering property prices – including some of the world’s most expensive real estate.

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While Hong Kong’s wealthy think nothing of dropping millions of dollars for their homes, millions of the city’s residents struggle to afford the rent on shoe-box apartments – many smaller than the parking space.

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A 2019 report by UBS said a “skilled worker” needed 22 years of income to afford a 60-square-metre flat, up from 12 years a decade ago, with salaries staying largely the same since 2008.

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Another study from the same year listed the average property price in Hong Kong at $1.2 million.

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The luxury property market has rebounded following a period of uncertainty around growing political unrest in the city, and appears to have weathered the economic impact of Covid-19.

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This year, a 3,378-square-foot penthouse sold for US$59 million, setting a new benchmark for price per square foot at $17,500.

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