Cover A parking spot in Hong Kong luxury property Mount Nicholson, has recently sold for record-breaking US$1.3 million, making it the most expensive parking space in the world (Photo: South China Morning Post/Getty Images)

A parking spot at the luxury Mount Nicholson development on The Peak was sold for US$1.3 million (HK$10.2 million), smashing a world record set in Homantin Hillside in 2019

It’s no secret that Hong Kong is one of the most expensive places in the world to live in. And if anyone needed further proof of our city’s sky-high property prices, they found it this week with the news that a car parking space has been sold for an astronomical price.

The parking space, which located in Mount Nicholson on The Peak—a luxury residential development by Wharf Holdings and Nan Fung Group—went for US$1.3 million (HK$10.2 million). It has become the most expensive place to park an automobile not only in Hong Kong but also in the world, smashing the previous 2019 world record of HK7.6 million in Ultima, a high-end property at Homantin Hill.

Several parking spaces in phase two and three of Mount Nicholson were sold through a closed tender to homeowners last month, with price starts at HK$9.3 million, according to South China Morning Post. The property was being touted as the most expensive residential project in Asia before CK Asset Holdings’ 21 Borrett Road taken the title earlier in February.  

See also: At $59 Million, This Is The Most Expensive Apartment Ever Sold In Asia