We’ve heard it all before.
Real estate prices are going through the roof, and the dream of home ownership is getting further and further out of reach for young people.
But it’s not just property that’s skyrocketing, parking spaces are now giving house prices a run for their money.
Here are some of the most expensive car spots in the world.
5. Shanghai – $150,000
Parking space prices in the Chinese city, as well as Beijing, have been soaring.
Some of these spots have asking prices of more than 1 million yuan (about US$150,000), Reuters reported in 2017.
These rising prices were because of high demand and a shortage of supply.
And it was a trend also being seen in China’s other major cities of Tianjin, Xiamen and Nanjing.
Developers were selling car spots for up to $150,000 with apartments worth 2.4 million yuan (US$357,110).
4. London – $300,388
Coming in at a cool £250,000 (US$300,388) is this parking spot across from Harrods just off Basil Street in the Knightsbridge neighborhood.
It’s located in “an exclusive private underground car park”, and has 24-hour remote access and security.
“Basil Street is moments away from world-class hotels, restaurants, luxury boutiques, shops emenities and museums,” the listing reads.
“The car parking space is approximately 2.5 x 4.2 m, and an area of 10.5sq m.”
The space has a lease of just under 80 years.
Though it was first reported in October 2021, it still appears to be available seven months later.
3. Sydney – $525,000
The next parking spot on our list comes from Down Under.
Sydney housing prices are some of the most expensive in the world – and the same goes for the city’s parking spaces it seems.
A “rare” spot in the city’s CBD is selling for $525,000.
“VERY rarely do owners sell a car spot by itself in this building and very rarely are car spots by themselves (ie not attached to an apartment) available to be purchased on separate title,” the listing says.
And in Sydney’s inner-east, spots have sold for up to $305,000, according to realestate.com.au.
But demand appears to be high as one savvy seller listed their Sydney CBD double-parking space for $525,000 back in January this year.
2. New York – $1 million
New York comes in at number two on ECA International’s most expensive city in the world list after Hong Kong.
In 2015, the 42 Crosby St. development in the Big Apple was charging $1 million for a single-car parking space, Insider reported.
Ten spots were up for grabs and each was 14 sqm to 19sqm (150 to 200 sqft).
This works out to be more expensive per square foot than what residents are paying for an apartment.
1. Hong Kong – $1.3 million
Hong Kong was recently named as the most expensive city in the world.
So it’s no surprise it is also where the priciest parking space sold last year for an eye-watering $1.3 million, the BBC reported.
Located in The Peak, Hong Kong’s wealthiest neighborhood, the spot was sold at the uber-luxe Mount Nicholson, which overlooks the iconic Victoria Harbour.
Another parking spot in Hong Kong held the previous record set in 2019, selling for $969,000, according to TIME, citing local media.