"I think the most important factor for me when deciding where to buy a spacious apartment was whether the district had a nice school that my daughter would love to attend, as well as a park or a lake that helps improve the air quality," said Sun Jingbo, a 42-year-old home buyer.

Analysts said that apartments and villas with relatively small floor areas may perform better for investors.

According to Dooioo Property, a Shanghai-based property service firm, rental yields for high-end units of less than 200 sq m may be double those with areas of more than 500 sq m.

High-end properties in first-tier cities－Beijing, Shanghai, Guangzhou and Shenzhen－are still among the "best choices" for investors, said experts.

The highest average price of a residential project in Shanghai is about 173,000 yuan per sq m, while the figure is 113,000 yuan in Beijing and 98,000 yuan in Guangzhou.

In Chengdu, one of the largest second-tier cities, the figure is about 30,000 yuan.