The Real Deal Miami

Someone just paid over $600,000 for a parking spot in Hong Kong

From TRD New York: If you think millennials have it tough in the US, they really have it hard in Hong Kong.

In the latest installment of jaw-dropping Hong Kong property prices, a parking spot in the Upton, a luxury apartment building in the Western District of Hong Kong, recently sold for $664,000, The New York Times reports.

“This is basically the price of one flat in Hong Kong,” Lennon Choy, an associate professor of real estate and construction at the University of Hong Kong, told The New York Times.

Choy went on to say what everyone is thinking: “This is crazy, actually.”

The record-breaking parking spot is almost double the price of a Hong Kong parking spot that sold for $387,000 in 2012 and caused quite a stir at the time. The previous record for most expensive parking spot was $615,000 in 2016, The New York Times reported.

If the ‘Rich Kids of Hong Kong‘ Instagram account is any indicator, parking spots for luxury cars may be particularly in-demand. There is no shortage of cars in the photos, including a McLaren 675LT Spider that has a starting price of $372,600.

Compared to the $664,000 parking spot, the McLaren could almost look like a steal.

But compared to the current median price of a home in the US, which is $309,200, according to the Federal Reserve, all of it seems pretty insane.