"There was a significant rise in secondary market sales in March as buyers and sellers looked to complete transactions before the implementation of the new guidelines in Shanghai," said Joe Zhou, head of research for Jones Lang LaSalle Shanghai.

According to Zhou, primary market sales remained strong.

In the first quarter, sales volume amounted to more than 3 million sq m in Shanghai, up 115 percent year-on-year.

Chen Xiaotian, marketing committee deputy secretary-general of the China Real Estate Association, cautioned that the upbeat sales may not last long.

"After local governments announce detailed measures to implement the central government's guidelines, the market may experience a slump," Chen said.

According to Chen, there is a basic law in China's property market: the worse the market performance is, the greater the market share held by major developers.

A total of 270 billion yuan was generated by the nation's top 14 property developers, each of which saw their sales revenue exceed 10 billion yuan in the first quarter. Their average revenue growth rate in the first quarter was 91 percent year-on-year.

Major developers have more land reserves, more financing channels and more mature experience to adapt to changing market conditions, Chen added.