A simple car park in Hong Kong within a luxury apartment complex has sold for a record $1.3 million, local media reported on Friday.
The parking area is 12.5 square meters, and it is located in a residential complex in Peak District, the most exclusive and luxurious area of the city, on one of the mountains overlooking Hong Kong Island.
While the wealthiest residents spend millions of dollars to buy their dream homes, millions of residents struggle to pay the rent for their tiny apartments that are often smaller than a parking lot. A report published by the Swiss bank “UBS” in 2019 indicated that a “qualified worker” needs the equivalent of an income of 22 years in order to be able to buy an apartment of 60 square meters, while this step required 12 years ten years ago.
Meanwhile, wages have barely risen since 2008. Another study in the same year estimated the average price of a property in Hong Kong at about $1.2 million. Last February, a new apartment of 313 square meters, consisting of five floors, was sold at the equivalent of $59 million, at a record price per square meter of $17,500.