One of the hardest burdens that millennials seem to be facing is the ability to buy that first house, but take a second to think about how it might be even harder to do so in Hong Kong, where the price of a parking space is probably more than a penthouse suite in Birmingham.
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The world record for a parking space purchase was recently broken by an unnamed executive director of an investment firm in the city who decided to pay $664,260 (£521,372) for the privilege. He already has two spaces in the same luxury apartment complex on the island, naturally.
To put this into some context – not that it really needs any – this makes the parking space cost about $3500 per square foot. Last year, apartments in New York City went for an average price of $1750 per square foot, and that’s one of the most overpriced real estate markets in the world.
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Basically Hong Kong is the real deal and if you wanna live there, then you better have a shit tonne of money. Especially if you want to drive a car and have somewhere to park it.
For more parking spaces, check out China introducing female only parking spaces. Guess what the USP of those are?
