Parking space is the new darling of real estate.

It is not out of place. More people are buying cars and they need space to park their vehicles.

This Hong Kong real estate company has raked in $664000, about 242 billion naira from sale of its parking space.

Local reports are hailing the deal, even calling it a world record.

The space is on the first floor at a luxury apartment complex near the harbour front in the west of Hong Kong Island, according to records from the city's Land Registry, AFP reports.

Measuring 188 square feet (17.5 square metres), it was bought by Kwan Wai-ming, an executive director at an investment firm.

It tops the HK$4.8 million paid for a parking space last October at another luxury residential complex.

The sale comes a month after a Hong Kong tycoon paid $3 billion for a prime commercial lot in the Central business and shopping district.

That was another record for the city where property prices have become a political issue.