If you’ve ever parked a car in a major city, you know that it can be both time-consuming and incredibly expensive. As a result, when you’ve got ultra-wealthy areas where developers can’t build any new spots, the existing ones start to trade for ridiculous sums. That’s exactly what happened in Hong Kong recently, where the world’s most expensive parking spot just sold for a staggering $1.3 million.

According to the BBC, this parking spot is located in one of Hong Kong’s most affluent areas, looking over the city’s Victoria Harbour. You can only imagine how much the homes surrounding it must cost.

How much does the world’s most expensive parking spot cost?

While $1.3 million for the world’s most expensive parking spot sounds like a ridiculous sum, it’s not far off from the second most expensive. That’s because the BBC reports that second place goes to a spot sold back in 2019 for $980,000. As you might imagine, when you get so many wealthy individuals in such a tight space, the price of even essentials shoots through the roof.

The BBC reports that the sale of this parking spot comes as Hong Kong’s real-estate market reaches new all-time highs. In fact, a rental property recently set a new record, asking for $210,000 per month.

The only way the world’s most expensive parking spot even makes remote sense is if it’s tied to some ultra-expensive property. Being able to bundle in such an expensive spot could seriously raise the value of a house or building.

How much does it cost to park in a major city?

While you won’t have to pay the same as the world’s most expensive parking spot to house your daily driver, parking in a major city is a major expense.

According to Car and Driver, the most expensive U.S. city to park in is New York City. That’s because you can expect to pay up to $37 for parking your car for two hours. From there, you’ve got Chicago charging $21, Boston charging $20, and Philadelphia charging $16 for two hours.

If we’re looking at monthly parking, GetMyParking reports that New York City is still on top, costing around $616 on average. In second place is Boston with $438, and San Francisco in third with $375 per month.

Will the world’s most expensive parking spot get dethroned?

Since there’s been a massive surge in house prices following the global pandemic, the world’s most expensive parking spot likely won’t hold that throne for long. That’s because as these ultra-wealthy areas continue their development, land in desirable places will eventually dry up. As a result, we’ll likely see more stories pop up, such as this one.

This wouldn’t even be the weirdest thing someone has spent a huge sum of money on. A few months ago, a Volvo station wagon wearing a New York license plate reading “NEW YORK” went up for sale with a $20 million asking price.