THB 24 million for a parking space

Home to some of the most expensive, and also the most unaffordable, property in the world, Hong Kong’s real estate sector has set another new price record this week – for a parking space.

A price of HK$ 6 million (equal to THB 24.4 million) was paid, and the owners of the parking space were reported to have originally paid a mere HK$ 3.4 million just nine months ago. That was slightly more than THB 10 million, meaning a profit of more than THB 14 million in less than a year.

The space, which measures 5 sqm by 2.5 sqm, is within one of the more prestigious apartment buildings where a flat measuring around 90 sqm will attract a price tag of some THB 22 million.

We wondered what kind of property you can buy in Thailand for the same price as the single parking space in Hong Kong?

Here are a couple of examples.

In Chiang Mai you can buy this 1,600 sqm seven-bedroom property for THB 22.7 million. The family home in Nam Phrae boasts a main, single-storey house with four bedrooms and a self-contained two-bedroom out-house. A swimming pool in the garden and a covered entertaining area make this property a perfect home for people wanting to host family and friends.

In Bangkok, THB 23 million will get you this three-bedroom condo in the iconic Millennium Residence near Asoke in Sukhumvit 20. The 146 sqm property also comes with three-bathrooms and is within the foreign quota. For buy-to-let investors, a rental yield of slightly more than 4 percent can be expected.

So, what’s your decision? A prestigious Thailand property or a Hong Kong parking space?