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A parking spot just sold for $664K in Hong Kong

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For a concrete slab that measures 17 feet long by 11 feet wide

View of a cluster of high-rises from the ground looking up.
A view of the Upton building (bottom center), which sold the parking spot in question.
Anothony Wallace/AFP/Getty Images

A parking spot for $664,000? That’s apparently the going rate for a place to put your car in Hong Kong, which is home to the world’s most expensive housing market by square foot.

A not-inconsiderable chunk of change for, as the New York Times reports, a slab of concrete measuring 17 feet long by 11 feet wide, $664,000 would get you a downright decent house (or apartment, or mansion) everywhere else in the world—even in competitive markets in the U.S. like Los Angeles, New York City, and the Bay Area.

It wasn’t even the first time that what is essentially a storage unit went for six figures: Last year, a smaller spot went for $615,000.

Lennon Choy, an associate professor of real estate and construction at the University of Hong Kong called it out for what it was: “This is crazy, actually.”

Maybe we don’t let him know that in Manhattan, underground parking spots can go for as much as $1 million.

Via: The New York Times