Hong Kong Parking Space Sells For An Insane $387,000

parking space, hong kongA car is parked outside the Peninsula Hotel in Hong Kong.

Photo: Ugg Boy via Flickr

Hong Kong’s housing bubble has now boiled over into parking spots.As the city’s government has started to set regulations to slow down the housing market, people are making a different type of investment: in parking spaces, according to Kelvin Wong and Stephanie Tong of Bloomberg.

Real estate agents have even gone so far as to list and sell parking spots independently of apartments.

The average price of a parking spot in Hong Kong rose $82,600 in the past three months, according to Centaline Property Agency Ltd., Bloomberg reported.

In May, a parking space in the Repulse Bay neighbourhood sold for $387,000 — a figure that is more than double the average price of a home in the United States, Bloomberg points out.

Simon Lo, Hong Kong-based executive director of research and advisory at property broker Colliers International, told Bloomberg, “There’s just too much liquidity in the market. The government has set up a firewall for residential properties, but all this money still needs to find a place.”

And that place seems to be parking spots.

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