A Single Parking Space Sold For R10 Million In Hong Kong
It is no secret that Hong Kong is one of the most expensive places to live in the world so it should come as no surprise that it is rather expensive to park your car there.
A couple recently sold their single parking spot for a whopping $760,000 (approx R10 million) making a very nice $330,000 (R4.3 million) profit on it after just 9 months of owning it.
The seller bought the space back in September 2017 for $430,000 which was still quite the number to comprehend but that is one seriously fast return for a small piece of cemented surface.
If you do the math, you will find that the spot was valued roughly at $5,600 per square foot, which is 3 times the average per square foot of a residential property in Hong Kong.