What are your budget limits for office parking?

Many people believe that urban development has a cost. Most likely, it is the cost of real estate in a country or location that increases with time. This story demonstrates the hypothesis that Hong Kong is a country that is growing rapidly in Asia.

A report by South China Morning Post states that a parking space at The Center, a 73-story office building in Central Hong Kong, was sold at HK$7.6million, or approximately $969,000, according to current exchange rates.

According to South China Morning Post, this spot is now the most costly to park.

Let’s get down to the details so you can get an idea of the price tag. The 134.5-square foot (12.5-meter) parking space is priced at HK$56.505 per square foot or $7,200 per square feet. Manhattan’s average property price is $1,770/sq ft. This makes the Hong Kong parking spot almost four times more expensive than a New York luxury apartment.

South China Morning Post mentioned that his home is three times more expensive than the median Hong Kong home price, a figure that has been at the top of global rankings for nine years consecutively.

Johnny Cheung Shunyee, the owner of the parking space, refused to reveal the identity of the buyer in an interview with South China Morning Post. He stated that he sold his last four parking spots in The Center to someone with an office in the building.