The market for luxury homes in Beijing is heating up as more high-end projects have been approved. Of the 21 projects that received pre-sale permits from the Beijing Municipal Commission of Housing and Urban-Rural Development this month, four were planned to sell for more than CNY100,000 per square meter. The most expensive project is priced at CNY175,000 per sq m. There are now more than 20 housing projects with prices set at more than CNY100,000 per sq m available for sale in the capital. At least four super luxury projects, which aim to sell for more than CNY100 million per unit, were set to launch this year, including the Xishang Yihaoyuan project of developer Sunac China. Zhang Dawei, Chief Analyst at property agency Centaline, said that the residential market in Beijing had become increasingly dominated by luxury projects. Although transactions in the luxury sector had grown, supply was increasing rapidly, stirring up competition, he said. Over the past two months, luxury properties that sold for more than CNY10 million each in Beijing more than doubled compared to the previous year, according to figures from the China Real Estate Information Corp (CRIC). New properties in Beijing priced between CNY20 million and CNY30 million were traded most actively in the first five months of this year with transaction volumes totaling 88 units, the highest since 2010, the South China Morning Post reports.