Demand for car parking space in the city remains robust two days after a record was set for the most expensive place to park a vehicle. Phoenix Property Investors sold 32 out of 54 parking spaces at The Morgan at 31 Conduit Road on Saturday for between HK$3.18 million and HK$4.18 million. Total takings exceeded HK$100 million, according to the firm. Fuelled by big rises in property prices and short supply, a 135 square foot space at 55 Conduit Road changed hands for HK$4.8 million , more than a 327 sq ft flat in City One, Sha Tin, according to the Land Registry. “This lot is believe to be the world’s most expensive,” said Thomas Lam, head of valuation and consultancy at Knight Frank property agents. Conduit Road in Mid-Levels and the adjoining Peak are two of the most exclusive districts on Hong Kong Island. Hong Kong parking space prices zoom to record As most residents also own multiple vehicles, car parking space has become a much desired luxury tracking the surge in flat prices, agents say. The Conduit Road space was more expensive than in London, where the most expensive space cost £350,000 (HK$3.3 million), said Joe Guilfoyle, JLL’s head of corporate transactions. At Hung Lung Properties’ The Harbourside near Kowloon station, the average price is HK$3 million for a parking lot, while Sino Land’s Hermitage s in Kowloon is asking HK$2.5 million. “Investors are widening their search for higher yields to alternative real estate assets such as garden centres, marinas, student accommodation, self storage and parking [lots],” Guilfoyle told the Post. The number of cars registered in the city increased to 577,280 in August, a 25 per cent gain from five years ago. That is creating pressure for residents of mass housing estates to find space to leave their vehicles. At Rhythm Garden in Kowloon’s San Po Kong, a lot sold recently for HK$980,000, triple the price that the owner paid in 2000, according to Kenny Lam, associate director at Century 21’s Hilltop Land branch. A lot in the older Mei Foo Sun Chuen estate cost HK$1.12 million. Home prices in housing estates have jumped 214 per cent from 2000 to October, according to Centa-City Leading Index, which tracks secondary home prices at 100 estates. It showed the cost of parking lots increased in line with residential prices.