Single Parking Space Sells For Record $1.3 Million In Increasingly Cramped Hong Kong

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A parking space located in Hong Kong’s downtown area across Victoria Bay has sold for $1.3 million and set a new record, the BBC reported Friday.

The spot was sold at an ultra-luxury development at The Peak, the BBC reported. It was one of several spots sold in the development.

Hong Kong is enjoying a real estate boom and is one of the world’s hottest markets currently, according to the Financial Times. Prices have surged 200% over the past decade.  (RELATED: Hundreds Defy Hong Kong Ban On Annual Tiananmen Square Vigil That Commemorates Massacre)

Hong Kong has a reputation for expensive real estate, and is one of the most densely-populated areas in the world. The city is also known for high cost of living and housing inequality, according to Business Insider. The city was recently named the world’s priciest housing market for the tenth year in a row.

The selling price is a record for a parking spot. With Hong Kong being such a crowded city, real estate such as houses or parking spots can attract premium prices, BBC reported. A parking space sold for $980,000 in 2019 which was a record at the time, according to Bloomberg.