The Sky-High Cost Of Parking In Hong Kong: The Most Expensive Spot In The World

Like any other big city, the parking in Hong Kong is at an ever-increasing premium. For proof, I point to a recent story in the South China Morning Post about an anonymous individual who has paid close to US$1 million for a parking spot in Hong Kong's The Center skyscraper. This staggering amount highlights the extreme demand for parking in one of the world's most densely populated areas.

More precisely, the highly-motivated parker paid HK$7.6 million for the 134.5-square-foot space, or about $969,000 in American dollars – which comes to $7,205 per square foot. This reportedly makes the space the most expensive parking spot in the world, which only makes sense given The Center currently holds the record for the world's most expensive commercial building at $5.15 billion. This situation raises questions about the value of convenience and prestige in urban living.

While we don't know who the current owner of the space is, we do know who sold it: business tycoon Johnny Cheung Shun-yee, who has offices in The Center and who had four parking spots in the garage before selling B1-1023. It’s a prime spot with easy access to the main front entrance of The Center, but it doesn't seem to have any particular bells and whistles in the way of amenities to justify that hefty price tag – it's all about convenience and possibly the prestige of parking in the world's most expensive spot. One well-known real estate figure in Hong Kong explained it like this to the press: "Good times or bad times, there are still ultra-rich people paying whatever needed to get what they like." If you like a good parking space, that can mean paying a significant sum – possibly even approaching seven figures.