Hong Kong is the world's most expensive city for home buyers and office renters. Now it also boasts one of the costliest parking spaces on earth.

A single-car parking bay in the city's business district has reportedly been sold for a staggering HK$7.6 million (£753,000).

The transaction took place even though the Asian financial hub is going through an economic recession triggered by ongoing anti-government protests.

A parking space in Hong Kong skyscraper The Center (pictured) has been sold for HK$7.6 million (£753,000). It's the most expensive transaction for a parking bay in the city's history

The parking lot (not the one above, file photo) was sold to a mysterious buyer by logistic tycoon Cheung Shun-yee who also traded the city's second and third priciest parking bays

The prestigious parking lot, situated in the basement of a 73-storey skyscraper, is the most expensive parking space ever sold in the city, according to reports.

It is part of office tower The Center located in the Central district, the world's most expensive area to have offices in.

The space was bought by a mysterious client who owns an office in the same building, reported South China Morning Post.

The Center has a total of 400 parking spots.

The 346-metre-tall (1,135-foot-tall) tower is the fifth tallest building in the city and the 74th tallest building in the world.

It was previously owned by the city's richest man Li Ka-shing, who also owns UK mobile network Three and pub chain Greene King.

Li sold the building to investors from mainland China for HK$40.2 billion (£4 billion) last year. The transaction set the world record of the most expensive commercial building.

Hong Kong is renowned for its sky-high real estate prices. An average home in the city costs more than $1.2 million, according to a report real estate services company CBRE

Central (pictured), Hong Kong's business district, is the world's most expensive office location

The report didn't mention how big the parking lot is, but a standard bay in the city measures five metres (16.4 feet) by 2.5 metres (8.2 feet), or 12.5 square metres (134.5 square feet) in size.

The space was said to be sold HK$400,000 (£39,600) cheaper than its asking price and had been listed on the market for about six months.

It was previously owned by a logistic tycoon named Cheung Shun-yee and is the last of four parking bays he was selling in the tower.

The Center (pictured), measuring 346 metres (1,135 feet) in height, is the fifth tallest building in the city and the 74th tallest building in the world. It was previously owned by Li Ka-shing

It is more expensive to rent an office in Hong Kong's Central (above) than in Manhattan

Cheung also sold the city's second and third most expensive parking lots, all of which are in The Center.

Two adjoining bays were sold by him for HK$6.35 million (£628,800) each in August, reported Hong Kong Commercial Daily.

Another one he traded in June reportedly reeled in HK$6.3 million (£624,000).

Cheung's mega sales however don't quite match up the price tag for the most expensive parking spaces in the world, such as the spots under condos in Manhattan which were listed for $1 million each.

An average Hong Kong family would have to save for 21 years without spending to buy a home

Hong Kong, a city with a population of around seven million, is known for its sky-high real estate prices.

Central, a business district on Hong Kong Island, was ranked the most expensive office address in the world followed by London's West End and Beijing's Finance Street, according to a report from real estate services company CBRE last year.

A recent study by the same company reveals that Hong Kong is the most expensive city for home-buyers with the average price of a property exceeding $1.2 million (£960,000).

An average Hong Kong family would have to save up to 21 years without spending to afford a home.