Hong Kong is so expensive that a single parking space just broke a property record

  • A car space in Hong Kong’s Kowloon City district is being rented for or HK$10,000 (US$1,274).
  • This appears to be the most rent ever paid for a Hong Kong parking space, costing more than some of the city’s smallest apartments.
  • Hong Kong continues to break records for its high cost of living.

Hong Kong real estate is among the priciest in the world, with record-breaking apartments being sold for well over $US70 million.

But it’s not just living spaces in Hong Kong that are expensive – a car space in Kowloon City district was just rented out for HK$10,000 (US$1,274) a month, making it the city’s most expensive rented car park.

Property agents confirmed the 135 sq ft park was rented on Monday at the luxury Ultima project in the residential Ho Man Tin area.

According to South China Morning Post, the rent for the parking space is more than what some people pay for some of the city’s smaller apartments.

The Ultima project has only 370 car spaces for its 527-units, which caused the price of a single spot to skyrocket.

Hong Kong continues to break records for its high cost of living.

In November, two units in a luxury housing development at The Peak sold for a combined HK$1.16 billion ($US149 million) to a single buyer.

An unidentified buyer paid $US76.8 million for a 4,579 square-foot apartment and about $US71.7 million for a 4,242 square foot apartment.

Hong Kong is the second-wealthiest city in the world, with fiscal reserves of more than HK$900 billion, but less than one-tenth of its land area is zoned for housing.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.