A couple in Hong Kong made a decision to resell their parking space and actually, it paid off in the millions. They were able to generate about HK$2.6 million in profit by reselling their parking space just nine months after they bought it.
The parking bay at the Sun Hung Kai Properties Ultima apartment complex actually became a new world record when it was sold for six million hong kong dollars on Monday the 4th June 2018, which is about $760,000 US dollars. That means it worked out at about HK$44,444 per square foot.
And the seller which was a Hong Kong couple only paid around three million hong kong dollars for the parking bay in September 2017 according to official Land Registry documents. The price per square foot in the luxury apartments of Ho Man Tin is much higher than your average Hong Kong residential prices and when people pay over hundreds of millions for a place to live it seems they really are not that bothered about a couple of million for a parking space.
The previous record was held in Hong Kong also, at 5 million hong kong dollars in the Sai Ying Pun area, so it seems locals are really used to paying this much money just to park their vehicle safely. And this new record makes Ultima the highest priced area in the world to park your car.
The price of the parking bay spaces is reflected in the cars driven by the residents. One local reflected, that he only ever sees Ferraris and high-end European sports cars entering the Ultima complex. As parking spaces in the area are in extremely short supply they normally get snapped up quickly. Though the prices are high, the city believes they will not jump much higher mostly because many people in Hong Kong believe a parking space is not a necessity.
Driving around Hong Kong is difficult at the best of times and it will only get worse as population and traffic continue to increase on a yearly basis.