MARKETS IN EVERYTHING

World’s Most Expensive Parking Spot Sold for $1.3 Million

The sale breaks the previous record set in 2019, when a Hong Kong parking space went for $969,000.

Laurent Fievet/AFP via Getty Images

A parking space at the ultra-luxe Mount Nicholson development in Hong Kong has been sold to an unidentified buyer for an eye-popping $1.3 million, or about $9,500 a square foot, according to the South China Morning Post. The transaction handily breaks the previous record set in 2019, when another parking space—also in Hong Kong—was sold by logistics tycoon Johnny Cheung for $969,000, or a little more than $7,200 a square foot. The latest sale, which took place last month, was first reported by the Chinese-language Hong Kong Economic Times. Although forecasters predict prices could fall by up to 10 percent this year, Hong Kong has been named the world’s priciest real estate market for a decade running.

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