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.

3.8 < Python < 3.11

Can use both decorators together. See this answer.

Python 2 and python 3 (works in 3.9-3.10 too)

A property is created on a class but affects an instance. So if you want a classmethod property, create the property on the metaclass.

>>> class foo(object):
...     _var = 5
...     class __metaclass__(type):  # Python 2 syntax for metaclasses
...         pass
...     @classmethod
...     def getvar(cls):
...         return cls._var
...     @classmethod
...     def setvar(cls, value):
...         cls._var = value
...     
>>> foo.__metaclass__.var = property(foo.getvar.im_func, foo.setvar.im_func)
>>> foo.var
5
>>> foo.var = 3
>>> foo.var
3

But since you're using a metaclass anyway, it will read better if you just move the classmethods in there.

>>> class foo(object):
...     _var = 5
...     class __metaclass__(type):  # Python 2 syntax for metaclasses
...         @property
...         def var(cls):
...             return cls._var
...         @var.setter
...         def var(cls, value):
...             cls._var = value
... 
>>> foo.var
5
>>> foo.var = 3
>>> foo.var
3

or, using Python 3's metaclass=... syntax, and the metaclass defined outside of the foo class body, and the metaclass responsible for setting the initial value of _var:

>>> class foo_meta(type):
...     def __init__(cls, *args, **kwargs):
...         cls._var = 5
...     @property
...     def var(cls):
...         return cls._var
...     @var.setter
...     def var(cls, value):
...         cls._var = value
...
>>> class foo(metaclass=foo_meta):
...     pass
...
>>> foo.var
5
>>> foo.var = 3
>>> foo.var
3

The property() function returns a special descriptor object:

>>> property()
<property object at 0x10ff07940>

It is this object that has extra methods:

>>> property().getter
<built-in method getter of property object at 0x10ff07998>
>>> property().setter
<built-in method setter of property object at 0x10ff07940>
>>> property().deleter
<built-in method deleter of property object at 0x10ff07998>

These act as decorators too. They return a new property object:

>>> property().getter(None)
<property object at 0x10ff079f0>

that is a copy of the old object, but with one of the functions replaced.

Remember, that the @decorator syntax is just syntactic sugar; the syntax:

@property
def foo(self): return self._foo

really means the same thing as

def foo(self): return self._foo
foo = property(foo)

so foo the function is replaced by property(foo), which we saw above is a special object. Then when you use @foo.setter(), what you are doing is call that property().setter method I showed you above, which returns a new copy of the property, but this time with the setter function replaced with the decorated method.

The following sequence also creates a full-on property, by using those decorator methods.

First we create some functions:

>>> def getter(self): print('Get!')
... 
>>> def setter(self, value): print('Set to {!r}!'.format(value))
... 
>>> def deleter(self): print('Delete!')
... 

Then, we create a property object with only a getter:

>>> prop = property(getter)
>>> prop.fget is getter
True
>>> prop.fset is None
True
>>> prop.fdel is None
True

Next we use the .setter() method to add a setter:

>>> prop = prop.setter(setter)
>>> prop.fget is getter
True
>>> prop.fset is setter
True
>>> prop.fdel is None
True

Last we add a deleter with the .deleter() method:

>>> prop = prop.deleter(deleter)
>>> prop.fget is getter
True
>>> prop.fset is setter
True
>>> prop.fdel is deleter
True

Last but not least, the property object acts as a descriptor object, so it has .__get__(), .__set__() and .__delete__() methods to hook into instance attribute getting, setting and deleting:

>>> class Foo: pass
... 
>>> prop.__get__(Foo(), Foo)
Get!
>>> prop.__set__(Foo(), 'bar')
Set to 'bar'!
>>> prop.__delete__(Foo())
Delete!

The Descriptor Howto includes a pure Python sample implementation of the property() type:

class Property:
    "Emulate PyProperty_Type() in Objects/descrobject.c"

    def __init__(self, fget=None, fset=None, fdel=None, doc=None):
        self.fget = fget
        self.fset = fset
        self.fdel = fdel
        if doc is None and fget is not None:
            doc = fget.__doc__
        self.__doc__ = doc

    def __get__(self, obj, objtype=None):
        if obj is None:
            return self
        if self.fget is None:
            raise AttributeError("unreadable attribute")
        return self.fget(obj)

    def __set__(self, obj, value):
        if self.fset is None:
            raise AttributeError("can't set attribute")
        self.fset(obj, value)

    def __delete__(self, obj):
        if self.fdel is None:
            raise AttributeError("can't delete attribute")
        self.fdel(obj)

    def getter(self, fget):
        return type(self)(fget, self.fset, self.fdel, self.__doc__)

    def setter(self, fset):
        return type(self)(self.fget, fset, self.fdel, self.__doc__)

    def deleter(self, fdel):
        return type(self)(self.fget, self.fset, fdel, self.__doc__)