In Hong Kong, every inch of land is as expensive as gold. Parking spaces can sell for as much as you would pay for a luxury home. Recently, a Mount Nicholson parking space sold for $1.53 million—the same cost of a 2-bedroom flat in Taikoo Shing (a private residential development in Hong Kong).
In May, Hong Kong’s Mount Nicholson luxury properties began selling car parking spaces at strata residences (condo and townhouse developments), by offering to the highest bidder at a minimum price of about $1.13 million. Each household can be allocated an average of one to two parking spaces, with a maximum of three spaces. Records show that a total of 22 transactions have been registered so far, with buyers including celebrities and tycoons from China and Hong Kong.
