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While it's no secret that Hong Kong is one of the financial hubs of the world – and also one of the priciest places to buy property – the price of parking spaces in the city has recently made headlines worldwide.

Space in Hong Kong is limited, so homeowners have found creative and expensive ways to get around that. Parking, however, is still a major issue in the city.

The city's Victoria Harbour is home to some of the most expensive properties in the world, and Mount Nicholson (seen below) has just added its name to that list. This new development overlooks the harbour and is located in the wealthy Peak residential area.

A parking space associated with one of the residential units within the Mount Nicholson development just sold for a staggering $1.3 million. Homes in this newly-built development sell on average for just under $10 million each.

This isn't the first time that a mere parking space has been bought for such a large amount. Bloomberg reports that the previous record price for a parking space was also set in Hong Kong when a spot fetched $980,000 in 2019. This parking space was in an office block.

Check out the video belo from YouTube channel, ShiFang Property世房地產, on the Mount Nicholson in Hong Kong.

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