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Owning a parking space is a convenience, but there is no real value of a parking space aside from convenience. Despite this common knowledge, many people around the world will spend as much on a parking space as they would for a rent on an apartment or a mortgage for a small condo. Parking space prices may exceed $600,000 in some regions of the world. Here are some of the world’s most expensive places for parking:

1. Hong Kong

Average Price: $744.22 per month

Hong Kong is notorious for having some of the most expensive parking in the world. CEOs in Hong Kong have paid as much as $5,000 per square foot of space. A typical space in Hong Kong may cost $640,000 and is eight-feet by 16-feet in size. One Hong Kong CEO has two spaces totaling $1.3 million. These spaces are coveted because the space required the executive to walk only 20 steps to the elevator that goes straight to the office.

2. Tokyo

Average Price: $743.22

Tokyo also has high parking space prices. The spaces in Tokyo are only $1 lower on average than the parking spaces in Hong Kong. These parking spaces are coveted because there are 39 million people in this city, and the spaces are limited. People are constantly commuting into the city and competing for parking. This competition also raises the price of the spaces. Daily prices for spaces may exceed $55.

3.London’s Financial District and Entertainment District

Average Price: Between $1,167 per month and $1,136 per month

Parking in London is an expensive endeavor. In fact, it is one of the most expensive places to park in the world for the average person. Hong Kong is expensive for executives, but London is expensive for everyone. The parking prices are a great reason to get friendly with the London’s public transportation. Otherwise, parking could comprise a substantial part of your monthly budget. In fact, it could be almost as much as an apartment in some areas.

4. Sydney, Australia

Average Price: $775 per month

Sydney, Australia has some of the most beautiful architecture and also some of the most expensive parking. People must pay in parking premiums to see sites such as Sydney’s Opera House and Sydney’s revolving restaurant.

5. Manhattan, New York

Average Price: $585 per month

New York is one congested place to live. It certainly is not known for being car-friendly. That is why there is no surprise that New York would have some of the priciest parking in the world. When demand is high, parking prices also rise.

The World’s Most Expensive Places for Parking are Also Congested

Congested cities typically charge more for parking because it is in demand. The only way to avoid these costs is to avoid having a car or to store it somewhere outside of the city and use it only for special occasions. Otherwise, parking is a part of your monthly expenses.

Sarah Jenkins conducts her daily business practices in Sydney, Australia. She continues to empty her pockets each month to conveniently pay for a suitable car park that allows her to drive to and from work each day. Sarah recently attended a seminar where Brett Kelly was the professional speaker and noticed the rising prices in competitive Sydney car parking.