Parking space sold for a whopping Dh2.8 million

Dubai - "I could buy five cars for that much," one motorist said.

To secure a place where he could park his car, a man paid one of the most exorbitant prices ever on a parking space. 
According to a Bloomberg report a parking space in Kowloon's Ho Man Tin district changed hands for a record 6 million Hong Kong dollars (Dh2.8 million approx). On average, parking spaces in Hong Kong go for around 2.25 million Hong Kong dollars (Dh1.052 million approx). more than a six-fold increase since 2006.
Developers are seen as the primary cause of the rise of parking space prices.
According to the report, developers make more money building apartments rather than garages thus the ratio of parking spots to housing units is skewed.
Darrin Woo, a classic car collector had two of his luxury cars shipped to California in order to save money on storage. "Buy a space? No way. I could buy five cars for that much," he said.