Parking spaces market is hot as it never was. Spot in luxury development of Kowlon region in Hong Kong was sold for record HK$6 million, Bloomberg reports. 

Average price of parking space is HK$2,25 million now. This is six fold since 2006. Home prices in the city considered as the place with least affordable housing grew by 3,4 times.

Car owners in London and New York have the same problems. Parking space near luxury condo in New York costs $1 million.

Hong Kong developers are ones to blame. They make more money building apartments, not garages. This is why ratio of parking spaces to housing objects is declining. Total quantity grew just by 9,5% from 2006 to 2016, while number of private cars increased by 49%.