How much is a parking spot in Hong Kong?

Asked By: Safia Mundina | Last Updated: 22nd June, 2020
Category: business and finance housing market
4.6/5 (103 Views . 44 Votes)
At the price it was sold, the 134.5-square-feet (12.5-square-meter) parking spot costs around HK$56,505 per sq-ft or around $7,200 per sq ft.

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Also question is, what is the most expensive parking spot?

A parking place in Hong Kong was just sold for nearly $1 million, making it the most expensive parking spot on earth. The parking bay at The Center, a 73-story Hong Kong office tower that held the 2018 world record as the costliest commercial building ever sold, changed hands recently for HK$7.6 million ($969,000).

Subsequently, question is, is Hong Kong real estate expensive? Hong Kong is the most expensive city in the world for those looking to buy a home, new research showed. Published Thursday, real estate firm CBRE's fifth annual Global Living report analyzed property markets across 35 cities. Asia dominated the list of the world's most expensive property markets.

Besides, why land in Hong Kong is so expensive?

Why land in Hong Kong is so expensive. The government has long followed a policy to sell land to the highest bidder. With limited supply and increasing demand, property prices have shot through the roof in the last two decades.

Is parking expensive in London?

Parking in London is the second most expensive in the world - and at £8.84 AN HOUR costs more than the living wage. The average cost to park for an hour in the centre of London is more than the newly increased national living wage, a new study suggests.

35 Related Question Answers Found

How much does parking spot cost?

According to Miller Samuel, the average parking space costs $165,019, or $1,100 per square foot, close to the average apartment price of $1,107 per square foot. Those are averages, of course. A $200,000 parking space is about $1,333 per square foot.

What is the most expensive thing?

These Are the Most Expensive Things in World
  • Graff Diamonds Hallucination watch: $55 million.
  • 1963 Ferrari 250 GTO: $70 million.
  • Bluefin tuna, $3.1 million.
  • Antilia, Mumbai: $2 billion.
  • Manhattan parking spot: $1 million.
  • Leonardo da Vinci's Salvator Mundi: $450 million.
  • The domain 'CarInsurance.com': $49.7 million.

How much is a parking space in Boston?

Parking spaces for sale in Boston ranged from $30,000 to $350,000 each as of late May, according to real estate research site NeighborhoodX. For its analysis, the site assumed 200 square feet per listed parking space, given that square-footage is not typically provided in such marketing.

What's a good salary in Hong Kong?


A HK$1.5 million yearly income would mean a monthly salary of HK$125,000. According to the Population Census last year, only 4.2 per cent of the working population earn more than HK$60,000 a month, the highest category in the report. Hongkongers on average earn HK$12,800 per month.

Will the Hong Kong property market crash?

Economists at ING reckon Hong Kong's economy will shrink by as much as 5.3% in 2020. Real estate has held up surprising well. The Hang Seng Property index has slumped 7% this week. Residential prices could fall by up to a fifth next year, JLL analysts estimate.

Who owns land in Hong Kong?

People's Republic of China

What is the average monthly salary in Hong Kong?

The current average salary per month is 19100 HKD (2430 USD) for male workers and 14700 HKD (1875 USD) for female workers.

Is HK expensive?

Hong Kong is one of the most expensive cities in the world to live in. In fact, the city is currently ranked as the place with the highest cost of living for expats.

How much does a house cost in Hong Kong?


Hong Kong's house price-to-income ratio is 18.1, meaning that, at the city's median annual household income of HK$300,000, the median cost of a home is more than HK$5.4 million.

What is good in Hong Kong?

The Top 29 Things To Do in Hong Kong
  • Ride the Star Ferry. Hong Kong's cheapest boat tour.
  • Go up Victoria Peak. The loftiest views on Hong Kong Island.
  • Visit Man Mo Temple.
  • Temple Street Night Market.
  • Ride a Double-Decker Tram.
  • Walk the Tsim Sha Tsui East Promenade.
  • Hike the Hong Kong Trail.
  • Relax in Hong Kong Park.

How can I make money in Hong Kong?

Gig It 'Til You Make It: 8 Side Hustles You Can Do In Hong Kong
  1. Sell Your Handiwork.
  2. Try Amateur Photography or Sell Your Photos.
  3. Setup a Private Kitchen.
  4. Be a Content Writer, Copywriter, or Proofreader.
  5. Tutor Students in Almost Anything.
  6. Become a Pet Sitter.
  7. Try Your Hand at Voice Over Work.
  8. Work as a Virtual Assistant or Freelance.

Why is food so expensive in Hong Kong?

Couple of reasons. Majority of the food is imported. The higher the desired quality, the more costly it is to import the food and the higher the expected returns of the importers (jacked-up prices due to higher risk of import and storage).

How much is a one bedroom apartment in Hong Kong?

How expensive is housing and accommodation in Hong Kong?
Renting in Hong Kong Average monthly cost
One bedroom apartment (city centre) HK$16,551
One bedroom apartment (outside of city centre) HK$11,006
Three bedroom family home (city centre) HK$39,800
Three bedroom family home (outside of city centre) HK$23,426

Which city has the highest house prices?


Hong Kong is the world's most expensive place to buy property.

Why is rent so expensive in Hong Kong?

Land sales and revenue
One of the reasons the government can keep taxes so low is because a large chunk of its revenues come from land sales. If property values drop, the government can't generate as much revenue, meaning there's little incentive to seriously curb Hong Kong's cost of housing.

How much is a flat in Hong Kong?

How expensive is housing and accommodation in Hong Kong?
Renting in Hong Kong Average monthly cost
One bedroom apartment (city centre) HK$16,551
One bedroom apartment (outside of city centre) HK$11,006
Three bedroom family home (city centre) HK$39,800
Three bedroom family home (outside of city centre) HK$23,426