[photopress:luxury_villas.jpg,full,alignright]According to a recent report released by CB Richard Ellis, a leading property services provider, the property markets in Beijing, Guangzhou and Shenzhen, the other three core Tier I cities besides Shanghai, continued to thrive in almost all sectors in the second quarter of this year.
In Beijing the overall rent for prime office spaces in the capital rose 1.3% to RMB183.20 ($23.80) per square meter per month in the second quarter. This despite the fact that a total of 172,500 square meters of office space came on stream.
In the residential sector, the upcoming 2008 Olympic Games is driving the rapid development of the serviced apartment market, leading the average rent of these units up to RMB213.80 per square meter per month, a quarter-on-quarter increase of 2.8%.
Luxury apartment rents climbed 1.2% to RMB102.90 per square meter per month and luxury villa rents edged up 0.2% to RMB138.30 per square meter per month.
In the sales market, policies restricting approvals for luxury villa plots led the average sales price for luxury villas to jump 4.5% to RMB22,600 per square meter in the quarter, while the average luxury apartment sales price also rose 2.4% to RMB23,173 per square meter.
Source: Shanghai Daily