Parking space in Hong Kong sold for over £500k

A parking space in Hong Kong just sold for just over $660,000 (£516,300).

The roughly 17 foot long spot is 188 square feet.

SEE ALSO: Couple fined for blocking own driveway after burglary

SEE ALSO: Shocked mum charged almost £800 for 20 minutes' parking

Meaning the slab of concrete sold for $3,500 per square foot.

At that price, you might as well live in your car.

Just for comparison, in mid-2016, apartments in New York City went for an average of $1,750 per square foot.

This sale broke the record price for a parking spot in Hong Kong.

Last year a spot sold for $650,000.

Although it is possible to buy an apartment in Hong Kong for around the same price, it is known to be the world's most unaffordable housing market, according to research firm Demographia.

This whopping price seems almost unbeatable. Well it is.

Leave it up to a New York Developer who asked for $1 million dollars for a luxury basement parking spot in Soho.

Read Full Story