Hongkong is known for its horrific real estate prices – now a single parking space in the financial metropolis has been sold for the equivalent of more than one million euros. The 12.5 square meter parking space is part of an apartment complex in a luxury district of the Chinese special administrative region known as “The Peak”, as local media reported on Friday. Residents of the apartments have a spectacular view of Hong Kong’s famous Victoria Harbor. As dizzying as the view from the high-lying apartments, the prices are also dizzying: “The Peak” attracts the richest Hong Kong residents in particular.
While it is normal for Hong Kong’s top earners to spend millions of Hong Kong dollars on their home, it is becoming increasingly difficult for average earners in the metropolis to afford the rent – many apartments in Hong Kong are hardly larger than the parking lot that has now been sold. In 2019, the average price for an apartment in Hong Kong was just under one million euros, according to a study.
While the corona pandemic and the uncertainty about political developments in the Chinese Special Administrative Region are having an impact on many areas of life for Hong Kong residents, developments in the real estate market are largely rebounding. This year, too, record prices for luxury apartments were achieved in the metropolis. This year, for example, a penthouse with around 1000 square meters changed hands for the equivalent of around 48 million euros.