In light of ongoing attempts by the Hong Kong government to deter investors from further inflating the already sizzling property market, wealthy Asians are looking at other long term investment opportunities, and parking spaces are the latest attraction, according to reports.

As a result of increased demand, the price of a previously owned parking spot in a residential complex has increased by 6.7 per cent from the previous quarter. The current average going rate is $82,600, according to Centaline Property Agency, setting the second highest price on record in the last 3 months.

At the higher end of the market, a space in the prestigious Repulse Bay area of Hong Kong sold for an eye-watering $387,000 in May this year, according to carpark.com.

But if you think Hong Kongers are going crazy lengths to keep their Lambos warm, then a Singaporean property company has taken its investment to another level, quite literally. The “parking experience”” at The Hamilton Scotts luxury development starts with a biometrically controlled glass elevator that lifts cars from street level into individual residences and parks them behind a glass wall next to the living room. Starting prices for these extravagant dwellings are $10million upwards.

Your glamorous correspondent, of course, has no need to bother about such matters: using a limousine means one does not have to bother about finding a parking slot in the first place.