The average price of Beijing’s luxury homes excluding town houses jumped to the highest in 17 months in May, as wealthy buyers favored bigger properties under the government’s purchase restrictions, a local agency said.
Apartments more expensive than 50,000 yuan ($8,155) per square meter (10.76 square feet) sold for 53,329 yuan on average, 5 percent higher than in April and rising for the fourth consecutive month, Yahao Real Estate Selling & Consulting Solution Agency said in an e-mailed report. Total sales surged 28 percent to 3.55 billion yuan, the realtor said.
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