High-end residential projects still popular in Beijing

Demand for high-end residential property continues to be robust in Beijing, with prices still high, said a report released on Wednesday, even as a land auction in Shanghai set a record.

From April to June, in the high-end Beijing residential market, the average price increased by 9.5 percent quarter-on-quarter to 56,307 yuan ($9,015) per square meter, said the report released by property service provider DTZ. Transaction volume reached 204,482.2 sq m, an increase of 2.7 percent from the same period last year, it said.

High-end residential property is defined as projects where the sales price is above 45,000 yuan per sq m for apartments and more than 30,000 yuan per sq m for villas.