Unknown Buyer Pays $1M for What Could Be World’s Most Expensive Parking Spot

And you thought parking meters were a rip-off.

byChris Chin|
Unknown Buyer Pays $1M for What Could Be World’s Most Expensive Parking Spot

If you thought parking fees were outrageous where you live, you might want to sit down for this one: An individual in Hong Kong just paid nearly $1 million for a single-car parking spot.

According to South China Morning Post, a parking spot at The Center, Hong Kong’s fifth tallest building, just sold for $969,000, which might just make it the world’s most expensive of its kind. That means the 134.5-square-foot rectangle of real estate raked in approximately $7,200 per square foot, or more than four times that of the average luxury apartment in Manhattan, at $1,770 per square foot.

Although the building's management has yet to confirm the sale, it will likely top the previous record for the world's most expensive parking spot, which sold for $664,000 back in 2017. The current sale doesn't come as a surprise, as the 73-story building holds the record for the world’s most expensive commercial structure ever sold, at $5.15 billion.

The spot, parking bay B1-1023, was one of four belonging to Johnny Cheung Shun-yee, a logistics tycoon who owns office space in The Center. He reportedly sold his parking spots to an unnamed neighbor.

The space sits on the top floor of The Center’s three-level basement parking garage, which is cordoned off for executive office tenants only. B1-1023 even has its own alcove as it sits specifically against one of the garage’s main walls, granting the owner close proximity to the building’s main entrance.

Real estate analysts point out the jaw-dropping price is a stark illustration of Hong Kong's growing wealth inequality.

“Good times or bad times, there are still ultra-rich people paying whatever needed to get what they like,” a prominent real estate agent told reporters.