Home prices aren’t the only type of real estate that’s going up.
For residents who live in urban areas like New York City and Boston, having a designated parking spot is considered to be a luxury — and a very pricey one at that.
Because the cost of land comes at a premium price in big cities, drivers sometimes resort to bidding wars to house their wheels in a safe, ticket-free area. In these major cities, the modest going price for one of these spots averages at around $5,000 per square foot! According to Trulia.com, the average price per square foot for a New York City home is $1,338.
Owning one of the most select parking spots in the world for a mere $80,000 is a steal compared to what some drivers paid for their place on our list. From New York City to Singapore, car owners are showing no restraint when it comes to buying the comfort of a parking space.
Check out our slideshow of the most expensive parking spots in the world.