Every few years, the "most expensive parking spot" record topples because another, more absurd price has been agreed to somewhere. In 2012, the reported
first million-dollar parking spot was part of some luxury condominiums in lower Manhattan, for example. The record that the Hong Kong spot just beat out was another spot in that city, which sold for just under a million dollars, $980,000, in 2019, according to Bloomberg.
Hong Kong has seen its parking costs rise like mad over the last decade. Back in 2012, Bloomberg noted that prices to buy parking spaces in Hong Kong—average residential parking spaces, not just at luxury developments—had climbed to $82,600 as the government put the brakes on home buying and rich people needed a place to put their money. Back then, the headline number for "this is the world's most expensive parking spot," was $387,000.
Parking spaces can be expensive all over the globe. In 2016, the
Los Angeles Times noted that an "extra-exclusive private garage" called The Vault at the Bighorn Golf Club in Palm Springs, California. charged $110,000 for membership and
$6500 a year to park there, plus a $250,000 fee to join the club and play golf there. In 2017,
The Sun reported on a 400,000-pound ($566,000)
underground parking space, but at least it could fit three cars and was located next to the Royal Albert Hall in London.