If you’ve ever felt upset about paying $8 for a parking space, just know that the world record for a parking space was just set at $1.3 million in Hong Kong, BBC News reports.

  • The parking space was sold at The Peak residential area in Hong Kong, which is an “ultra-luxury development,” according to BBC News.
  • The development overlooks the Victoria Harbor, which has some of Asia’s most expensive homes. Mount Nicholson a residential area located at The Peak, a luxury residential area, “is one of the most iconic upscale projects in Hong Kong,” according to Japan Times.
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The parking space is about 134.5 square feet, making it worth about $9,584.24 per square foot.

  • “It is definitely the most expensive car parking spot in Hong Kong,” said William Lau, a sales director at Centaline Property Agency’s branch on The Peak, according to The South China Morning Post.

Why did it cost so much?

BBC News reports: “Hong Kong is so crowded that space, whether it is for living in or parking a car, can attract a huge premium.”

What was the previous record?

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The South China Morning Post reported that the previous world record was in Hong Kong, selling for about $970,000.

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