In a city where land is sparse, even parking lots go for a premium.
A parking space in Hong Kong has been sold for a record $664,260 (HK$ 5.18 million) making it the most expensive parking space in the world, according to the South China Morning Post.
At just 188 square feet, or 17.5 square metres, that works out to a staggering $3,500 per square foot.
To put things in context, apartments in New York went for an average price of $1,750 per square foot, in mid-2016.
The buyer of the parking lot, an executive director of an investment firm in Hong Kong, already has two other parking spaces in the luxury apartment complex in the West of the island.
It broke the record sale price set last year by another car park space in Hong Kong, that was sold for $615,000 (HK$4.8 million).
For some Hong Kongers, the 188 square-foot parking space is bigger than their entire apartment.
In Hong Kong, a 181 square foot apartment sold for almost $600,000 or $3,321 per square foot.
A car the size of a Tesla X would fit exactly into a space measuring 161 square feet.
Hong Kong has been dubbed the world’s most unaffordable housing market, according to research firm Demographia with a typical home in the city going for an average of $920,000.
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