Price of city's luxury flats skyrockets

The price of luxury flats in Beijing has significantly risen in the third quarter, and analysts say costs will continue to increase.

After a sagging real estate market in the second half of last year, Beijing's luxury properties recovered quickly in the first half of the year and gained momentum in the third quarter.

The average price of a luxury flat - defined as a high-quality apartments with additional amenities - has reached 32,999 yuan ($4,800) per sq m in the third quarter, up 6.5 percent on the same period last year, according to a report by CB Richard Ellis Group, one of world's largest commercial real estate firms.