HONG KONG (AFP) – A single car parking space has been sold for a whopping HK$10 million (S$1.7 million) at a luxury Hong Kong apartment complex, local media reported on Friday (June 4).<\/p>\n
The 12.5 square metre (135 square feet) spot is part of a development on The Peak, a swanky area that has attracted some of the city’s richest residents since colonial times.<\/p>\n
Boasting breath-taking views over Victoria Harbour, the hilltop has eye-watering property prices — including some of the world’s most expensive real estate.<\/p>\n
While Hong Kong’s wealthy think nothing of dropping millions of dollars for their homes, millions of the city’s residents struggle to afford the rent on shoe-box apartments – many smaller than the parking space.<\/p>\n
A 2019 report by UBS said a “skilled worker” needed 22 years of income to afford a 60 sq m flat, up from 12 years a decade ago, with salaries staying largely the same since 2008.<\/p>\n
Another study from the same year listed the average property price in Hong Kong at US$1.2 million (S$1.59 million).<\/p>\n
The luxury property market has rebounded following a period of uncertainty around growing political unrest in the city, and appears to have weathered the economic impact of Covid-19.<\/p>\n
This year, a 3,378 sg ft penthouse sold for US$59 million, setting a new benchmark for price per square foot at US$17,500.<\/p>\n
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