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Luxury property prices in Beijing rose in the second quarter, despite government curbs, according to a report by global real estate services provider Savills.
Average prices for grade-A condos in the capital rose 4.1 percent from the first quarter to reach 55,310 yuan ($9,010) per square meter, the report said. High-end villas saw their average price grow by 14.9 percent from the first quarter to hit 48,154 yuan per sq m.
Joan Wang, director of Savills Beijing Research, said that as the government restricted the issuing of pre-sale permits for developers, the supply of new luxury homes in the second half of this year will remain tight and this will lead to rising prices.
