Here's how I would do this:

class ClassPropertyDescriptor(object):

    def __init__(self, fget, fset=None):
        self.fget = fget
        self.fset = fset

    def __get__(self, obj, klass=None):
        if klass is None:
            klass = type(obj)
        return self.fget.__get__(obj, klass)()

    def __set__(self, obj, value):
        if not self.fset:
            raise AttributeError("can't set attribute")
        type_ = type(obj)
        return self.fset.__get__(obj, type_)(value)

    def setter(self, func):
        if not isinstance(func, (classmethod, staticmethod)):
            func = classmethod(func)
        self.fset = func
        return self

def classproperty(func):
    if not isinstance(func, (classmethod, staticmethod)):
        func = classmethod(func)

    return ClassPropertyDescriptor(func)


class Bar(object):

    _bar = 1

    @classproperty
    def bar(cls):
        return cls._bar

    @bar.setter
    def bar(cls, value):
        cls._bar = value


# test instance instantiation
foo = Bar()
assert foo.bar == 1

baz = Bar()
assert baz.bar == 1

# test static variable
baz.bar = 5
assert foo.bar == 5

# test setting variable on the class
Bar.bar = 50
assert baz.bar == 50
assert foo.bar == 50

The setter didn't work at the time we call Bar.bar, because we are calling TypeOfBar.bar.__set__, which is not Bar.bar.__set__.

Adding a metaclass definition solves this:

class ClassPropertyMetaClass(type):
    def __setattr__(self, key, value):
        if key in self.__dict__:
            obj = self.__dict__.get(key)
        if obj and type(obj) is ClassPropertyDescriptor:
            return obj.__set__(self, value)

        return super(ClassPropertyMetaClass, self).__setattr__(key, value)

# and update class define:
#     class Bar(object):
#        __metaclass__ = ClassPropertyMetaClass
#        _bar = 1

# and update ClassPropertyDescriptor.__set__
#    def __set__(self, obj, value):
#       if not self.fset:
#           raise AttributeError("can't set attribute")
#       if inspect.isclass(obj):
#           type_ = obj
#           obj = None
#       else:
#           type_ = type(obj)
#       return self.fset.__get__(obj, type_)(value)

Now all will be fine.

Properties are a special kind of attribute. Basically, when Python encounters the following code:

spam = SomeObject()
print(spam.eggs)

it looks up eggs in SomeObject¹, and then examines eggs to see if it has a __get__, __set__, or __delete__ method -- if it does, it's a property, and Python will call the __get__ method (since we were doing lookup) and return whatever that method returns. If it is not a property, then eggs is looked up in spam, and whatever is found there will be returned.

More information about Python's data model and descriptors.

¹ Many thanks to Robert Seimer for the correction on the lookup sequence.