In a vastly crowded city like Hong Kong, oftentimes, owning a tiny block of concrete can make your day.
For over 18 consecutive months now, the price value of parking spaces in some areas of Hong Kong has been growing faster than the prices of homes.
During the last several months, a parking spot at Provident Garden appreciated 257% in value while residential prices in the same area rose by 27%, according to a local media report
Parking spaces transacted at above $256,000 is normal, while $128,000 is just about the entry level for parking spaces in Hong Kong - SCMP.
The high rates for parking spots is a direct consequence of a shortage of parking space. The number of private cars registered in Hong Kong increased some 48% between 2006-2016 while the number of parking spaces for private cars is up only 9% in the same period.
As reported, this month, a parking space at Festival City in Sha Tin sold for $320,043, while a space at Tseung Kwan O Plaza went for $266,276.
Meanwhile, an 88 sq ft parking space in Sai Ying Pun was sold for $663,129 in June, making it the world's most expensive parking spot.
Private car ownership is steadily growing. There is also a growing desire by high-net-worth people to purchase prestigious vehicles, according to SCMP.