>> This poorly lit parking space has become an unexpected bright spot on Hong long's red hot real estate market. It's worth even more than many of the high end sports cars, the Ferrari and Aston Martin parked near by. It sold just last year for a 100 grand more than the average US home.
Reuters Venus Wu has been covering the story of Hong Kong's lightest unlikely real estate boon.>> I'm at a luxury residential complex in Hong Kong, behind me in this building are two parking spots that went for more than half million last year, but they are not the most expensive, there are a few more spots here that went for even more.
>> With limited space to build new homes and a booming economy, Hong Kong has quickly become the world's most expensive real estate market City Wide Apartments roughly doubled the value from 2010 to 2017. But at the same time the average parking spot price has tripled. Last May a new record was set, when one of the City's spots went for $660,000.
That's more per square foot than prime apartment in Tokyo, London or New York With some younger buyers choosing to pack their money in car spaces and then hopefully be able to afford one of the city's famously expensive apartments somewhere down the road. It's become so popular that Hong Kong's banks are even offering tailor made mortgages just for the place you pack your car.