Hong Kong is known to be rather pricey and because it is so crowded, spaces for living in, or even parking your car, can attract a substantial premium.
Somebody recently purchased the world’s most expensive parking space in an ultra-luxury residential development called The Peak, located on Mount Nicholson. The previous record price for a parking space was also set in Hong Kong when a spot fetched $980,000 in 2019.
That is a ludicrous sum of money but if you have unlimited funds and you desperately want to be able to park your prized possession right where you live, then you need to part with said cash.
The owner of The Peak, Wheelock Properties, has declined to comment, but to get a sense of the wealth concentrated there, one of its houses was rented out in May at a cost of $210,000 per month. That’s $2.5 million a year to not own a home.