(Yicai Global) Dec. 17 -- Sales of upmarket properties in Beijing have bounced back this year as policies relax. Four times as many luxury residences priced over CNY50 million (USD7.1 million) each sold in the first 11 months compared with a year earlier, the China Securities Journal reported.

Some 61 high-end properties priced over CNY50 million closed deals in January, and since then an average of 10 such homes per month have traded, amounting to CNY15.4 billion (USD2.2 billion) worth of sales up to November. Last year, just one apartment over CNY50 million sold in the capital in the six months from June to November, although the number leapt to 60 in December.

Since 2016, Beijing has issued strict property controls regulating the luxury housing market to rein in price hikes and deter speculation. These regulations have gradually been relaxed as demand eased.

The demand for improved living standards and luxury apartments among residents of Beijing has not abated, said Zhang Dawei, chief analyst at Centaline Property Agency. These days sales can be performed online and new high-priced projects are allowed to enter the market, all of which drive up transaction volume, he added.

From January to November, there were 1,419 sales of luxury residences priced over CNY20 million (USD2.9 million), amounting to CNY50.3 billion (USD7.2 billion), according to Centaline. Last year, there were 1,111 such transactions totaling CNY33.5 billion.

In the secondhand market, the cost of luxury real estate has fluctuated a lot. Prices near the well-known Hongmiao Primary School on Financial Street in central Xicheng district have fallen sharply. Now the average price of an apartment over 100 square meters is between CNY150,000 (USD21,430) and CNY180,000 per sqm. That is CNY20,000 (USD2,857) to CNY30,000 less than that of a smaller apartment.