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Hong Kong parking space breaks price record at £510,000

Entrance to carpark on 55 Conduit RoadImage copyright
Chinese Estates Holding Ltd

Image caption

The huge amount of cash does at least get the buyer a very classy entrance to their parking spot

How much are you prepared to pay for a parking space?

Someone in Hong Kong recently paid out HK$4.8m ($0.62m; £0.51m) for the privilege of parking their car.

The transaction last month broke the record of HK$4.24m for the most expensive parking space in the crowded city.

It is in a luxury property development on Conduit Road in the Mid-Levels, one of the most affluent and prestigious residential areas in Hong Kong.

The 135sq ft (12.5sq m) space was bought by a foreigner, local media reported.

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Online, Hong Kongers seemed rather jaded by news about yet another expensive property, in a city where house prices are among the world’s most unaffordable.

“We are already used to this kind of news. Every day we learnt about expensive things that break records from the media. But labour cost is only increasing at the speed of a tortoise,” said Gary Lo.

Ed Lau wrote: “How ridiculous can Hong Kong be? A parking space is even more expensive than a brand new Ferrari.”