BBC: A parking spot in HK sells for Rs 9.5 crore rupees

With a US$ 1.3 million price tag, it has now become the world's most expensive parking space.

A residential area in Hong Kong, China has reportedly sold a parking space for US$ 1.3 million (Rs 9.52 crore).

According to reports, the parking space is situated in one of Hong Kong's most luxurious places, The Peak residential area.

With the US$ 1.3 million dollar transaction, it has now become the world's most expensive parking space. The previous record stood at US$ 980,000 for a parking space also situated in Hong Kong, registered back in 2019.

The reason for the huge amount is said to be due to the result of overcrowding, which has caused real estate prices to peak. Hong Kong is also considered to be one of the world's most expensive cities to live in and is also said to be the global financial hub.

Source: BBC