Architecture & Real Estate | June 15, 2017 10:15 am

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

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

View from Victoria Peak observation deck looking north towards Victoria Harbour and Kowloon.
View from Victoria Peak observation deck looking north towards Victoria Harbour and Kowloon. (Maria Sword/Getty)

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.