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A parking space has reportedly sold for a record-breaking $1.3m (HK$10.2m; £930,000) in Hong Kong.

It was one of several spots sold at an ultra-luxury development in the city's affluent The Peak residential area, local media reported.

The Mount Nicholson development overlooking the city's Victoria Harbour has some of Asia's most valuable homes.

Hong Kong is so crowded that space, whether it is for living in or parking a car, can attract a huge premium.

The global financial hub often tops lists of the world's most expensive places to live.

The previous record price for a parking space was also set in Hong Kong, when a spot fetched $980,000 in 2019, according to Bloomberg.

Wheelock Properties, which is the sales agent for Mount Nicholson, has not yet responded to a request for comment from the ´óÏó´«Ã½.

Like many major cities, Hong Kong has also developed a huge speculative market for property.

In recent months, its luxury home market has seen record-breaking transactions as buyers' confidence has returned with an easing of the pandemic.

In May, a house on the Peak secured a record rental price of $210,000 a month.