Land prices in 10 major cities across China rose 10.8 percent in October over the same period last year, in the first year-on-year increase this year, according to E-House China, a Shanghai-based property research institute.

The average land price in October was 2,320 yuan ($371) per square meter, up 30 percent from the previous month.

The 10 major cities are: Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, Dalian, Hangzhou, Nanjing, Qingdao and Nanchang.

Despite the increase, the turnover of land fell 18 percent over September, in the first month-on-month turnover decrease since May.

"As the housing market continues to warm up and the liquidity pressure for China's real estate companies was relieved, China's land market will accelerate its pace in the first quarter," said Wu Xiaojun, an analyst with E-House China.