The Price of Parking

The Price of Parking

A Hong Kong parking spot measuring 16.4 feet by 8.2 feet sold for US$760,000 on June 4th, according to the South China Morning PostThat’s about US$5,600 per square foot, three times the average price of residential property in Hong Kong. The spot is in a parking bay in the Ultima luxury development (average apartment price: US$12.7 million) where there are only 370 car spaces for 527 units. An Ultima parking space recently rented for US$1,274 per month.

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