A reminder that residents of London, New York City, San Francisco, London, Paris and Tokyo have lost their right to complain when it comes to property costs: a parking space in Hong Kong just broke a record when it sold for HK$5.18 million—that's £520,000.
The space, clocking in at 188 square feet, is in a parking garage adjacent to a high-end residential building, the Upton. The same garage is also responsible for the previous record for a parking-space purchase.
That's far from the going rate for a patch of asphalt. As Bloomberg reports, one can easily buy a two-bedroom apartment in the popular Sha Tin neighborhood of Hong Kong for less than the cost of that parking spot.
An annual ranking of the most expensive housing markets in the world has placed Hong Kong as number one every year since its debut. The most affordable city in the world? Racine, Wisconsin. You can probably park there for free.
Kaitlin Menza is a freelance features writer. She lives in New York. You can see more of her writing at kaitlinmenza.com.
