A parking space in London is selling for $665,000.
How much do you pay for your parking spot?
The Kensington area in West London, is home to a sought after parking space. The space which fits 2 cars is located in an underground, gated and locked garage.
Here’s what you might not be expecting – it's cost is a mind-boggling 400,000 British Pounds. That equates to over 665,000 in US Dollars.
Of course the location is what drives the price to the jaw dropping point. The space is right next door to London’s Albert Hall and only steps away from Kensington High Street.
In that particular area, the average property price is well into the millions.
However in a bigger context, the cost is 15 times higher than the average UK citizen's annual salary. It’s also double that of the average UK house price.
The spots are being sold in conjunction with a long lease, which means on top of the purchase price, vehicle owners will also have to shell out hefty maintenance fees.
Besides car parking, reportedly, there is also extra room for outdoor goodies not suitable for keeping inside a luxurious mansion.
Would you pay that much for a prime parking spot?