Supply in parking spaces is no longer meeting the high demand in Hong Kong, one of the most populous cities in the world. A single parking space has recently been taken off the market for a whopping $HK4.8 million (US$618,000), making it the most expensive lot in Hong Kong. The previous record was held by a HK$4.4-million (US$567,000) space nearby.

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The parking space measures 135 square feet and can be found at 55 Conduit Road, an upscale condominium complex at the Mid-Levels, one of the most lucrative residential areas in the city. Jared Margolis, a Chinese businessman from mainland China, made the extravagant purchase from two Chinese couple. The buyer owns a unit in the building and one more parking space. 

The original owners bought a condominium unit in the building that comes with one parking space for HK$56 million (US$7.2 million) last month. Only residents are allowed to own a space in the building's parking lot. 

According to Dorothy Chow, regional director of valuation advisory service JLL, the average price of a car parking space rose from roughly HK$397,000 (US$52,000) in 2005 to HK$1.2 million (US$155,000) in 2015. These numbers are expected to rise due to numerous wealthy families who own more than one vehicle and need more parking spaces to store them, paired with the skyrocketing prices of living spaces in the city. 

"Investment interest in the sector is growing as the number of parking lots decline, espsecially in Mid-Levels," said Louis Chan, managing director at Centaline Property Agency's residential division. 

Developed by Chinese Estates Holdings, 55 Conduit Road houses 35 luxury apartment units with spacious cuts, ranging from 1,500 square feet to 2,700 square feet. The units fetch between HK$50 million (US$6.4 million) to HK$360 million (US$46.4 million). Its parking lot only has 38 parking spaces. 

The lucrative apartment complex is neighbour to The Peak, a similarly high-end condominium building that reportedly include Chinese billionaire Jack Ma in its unit owners. 

Tagsreal estate, parking space, most expensive parking space, most expensive car park, Hong Kong, lucrative Hong Kong, Hong Kong prices, Hong Kong property prices