Someone just spent USD620k on a luxury car parking space
Someone just spent USD620k on a luxury car parking space
Setting a new record
A car parking space in Hong Kong was sold for a record HKD4.8 million (USD619,000) last week, setting a record for the most expensive of its kind in the city.
The 135 sqft (12.5 sqm) space, at 55 Conduit Road, was bought as part of an apartment for HKD56 million (USD7.2 million) by a mainland Chinese buyer last month, who sold the parking space to another resident.
The sale confirms Conduit Road as quite possibly the most expensive place to park a car in Hong Kong, writes South China Morning Post.
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“Investment interest in the sector is growing as the number of parking lots are declining especially in Mid-Levels,” said Louis Chan, managing director at Centaline Property Agency’s residential department.
A space at 39 Conduit Road previously sold for HKD4.24 million (USD546,700) in May 2014.
Prices of parking spaces are predicted to increase alongside the rise in Hong Kong apartment values. The size of the island doesn’t allow for the demand of wealthy individuals who tend to own more than one car.
The average price of a car park increased 204 percent between 2005 and 2015, alongside a 233 percent rise in apartment prices in the same period, Dorothy Chow, regional director of valuation advisory service at JLL told the Post.
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Source: Property Report