If you think millennials have it tough in the US, they really have it hard in Hong Kong.
In the latest installment of jaw-dropping Hong Kong property prices, a parking spot in the Upton, a luxury apartment building in the Western District of Hong Kong, recently sold for US$664,000 (HK$5.18 million).
“This is basically the price of one flat in Hong Kong,” Lennon Choy, an associate professor of real estate and construction at the University of Hong Kong, told The New York Times.
Choy went on to say what everyone is thinking: “This is crazy, actually.”
The record-breaking parking spot is almost double the price of a Hong Kong parking spot that sold for US$387,000 in 2012 and caused quite a stir at the time. The previous record for most expensive parking spot was US$615,000 in 2016.
If the ‘Rich Kids of Hong Kong’ Instagram account is any indicator, parking spots for luxury cars may be particularly in-demand. There is no shortage of cars in the photos, including a McLaren 675LT Spider that has a starting price of US$372,600.
Compared to the US$664,000 parking spot, the McLaren could almost look like a steal.
But compared to the current median price of a home in the US, which is US$309,200, according to the Federal Reserve, all of it seems pretty insane.
Read the original article at Business Insider