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A Hong Kong couple bought a single parking space for $433,000 and flipped it for $760,000 in just 9 months

Business Insider logo Business Insider 6/6/2018 Rosie Perper
Hong Kong © Provided by Business Insider Hong Kong

A single parking space in Hong Kong that was bought for $430,000 less than a year ago was just resold for HK$6 million ($760,000), setting a new property world record. 

The parking space at the luxury Ultima project located in the Kowloon district was initially bought in September 2017 by a local couple for HK$3.4 million ($430,000), according to land registry documents seen by the South China Morning Post

Nine months since buying the space, the couple just resold the spot for HK$6 million ($760,000), turning a HK$2.6 million ($330,000) profit. 

The 16x8 foot parking spot equals out to roughly HK$44,444 ($5,600) per square foot, nearly three times the average per square foot of a residential property in Hong Kong, which is one of the priciest places in the world

Related video: 'Tube Homes' To Help Combat Housing Crisis In Hong Kong (provided by Wochit News)

"The development is in a luxury residential area. The residents have a lot of cash and simply do not care about a few million dollars when a flat there costs about $12.7 million (HK$100 million)," Sandia Lau, a director at Centaline Property Agency, told the Post. "Their convenience is more important." 

Ultima now tops of the list of most expensive places in the world to park a car. In April, a car space in the complex was rented out for HK$10,000 ($1,274) a month, making it the city’s most expensive rented car park. The Ultima project has only 370 car spaces for its 527-units, which caused the prices of parking spaces to increase substantially.

Hong Kong has broken several world records as the price of real estate continues to skyrocket. In November, two of the most expensive apartments in Asia sold for a combined HK$1.16 ($149 million) to a single buyer.

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