The Mount Nicholson development overlooks downtown Hong Kong. (Google Earth)
This should make the car insurance look cheap.
A single parking space in Hong Kong has sold for a record $1.3 million.
The stall is located within a luxury development on Mount Nicholson that has a view of downtown across Victoria Bay, the BBC reported. A home in the area was recently rented for $210,000 per month.
The reported price for the parking space eclipses a previous high of $969,000 that was paid for a spot in a downtown office building in 2019.
Hong Kong's real estate market is one of the world's hottest with average prices rising 200 percent over the past decade to $1,987 per square foot, which is double the average in London, according to the Financial Times.
This browser does not support the Video element.
New York City parking spot crunch
It's getting harder to find a parking space in New York City due to businesses being pushed outside during the coronavirus pandemic.