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Hong Kong Parking Space Sells For Record-Breaking $664,260

Most expensive parking spot in the world costs $3,500 per square foot.

Real Estate By

The executive director of a Hong Kong investment firm is now the proud owner of the priciest parking spot in the world.

At 188 square feet, the South China Morning Post is reporting that 58-year-old Kwan Wai-ming bought the parking space for a record-breaking $664,260. This surpasses the previous record set last year by another Hong Kong parking space, sold for $615,000.

For stunning context, Mashable points out that apartments in New York, not exactly the capital of real estate bargains, went for an average of $1,750 per square foot in mid-2016.

Read full story at South China Morning Post