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The total sales of houses with prices higher than 30 million yuan reached 162 units in the first five months, close to last year's total of 173. The area of houses sold reached 708,300 square meters in May, up 40.8% from April according to statistics from Yahao Real Estate Settling & Consulting Solution Agency.

The average transaction price of houses in May reached 28,546 yuan per square meter, up 18.4% compared to the same period last year, according to Yahao. Insiders believe that relatively loose policy for regulating real estate contributed to the turnover, of which the sales of houses larger than 90 square meters accounted for 57.9%. “The housing market rebounded not only because of loose regulatory policy but also due to new cash flow to the new-built housing market,” said the market director of Yahao.

It is noteworthy that the turnover of luxury homes has been increasing. Yahao's statistics show that the turnover of houses with prices higher than 50 million during the first five months hit 108 units - a record high since 2006. An insider also predicted that house prices will keep an upward momentum this year.