In 2014 Mongolia’s construction industry saw a major uptick in output. Driven in large part by the government’s ongoing residential housing development programmes, the sector grew by 16.3% over the course of the year, according to data from the National Statistical Office. One key challenge during this period of rapid expansion has been sourcing construction materials....
Rapid economic expansion in Mongolia over the past half-decade has played out across many of the country’s constitutive industries, and construction is no exception. According to the National Statistical Office (NSO), works carried out in 2014 totalled MNT2.2trn ($1.3bn), up 16.3% on 2013. Much of this growth took place in the residential segment, which has been the...
Despite a number of macroeconomic headwinds, in 2013 and 2014 Mongolia’s real estate market expanded substantially. This growth can be attributed to a range of forces, including government-led construction projects; a state-sponsored mortgage scheme; fast-growing demand for commercial retail space; and, more broadly, increasing urbanisation and rising incomes among the...
The rapid expansion of Mongolia’s economy in recent years has fuelled rising per-capita incomes and, consequently, steadily increasing demand for high-quality real estate of all types. Supply in most segments, meanwhile, has remained fairly limited, which has contributed to demand-driven increases in rents and sales prices, particularly since...
In recent years Mongolia’s commercial real estate segment has seen rising rents and expanding levels of international participation, in line with steadily increasing per-capita incomes. In Ulaanbaatar a handful of new grade-A mixed-use buildings have been completed, including, perhaps most notably, Central Tower, which opened for business in...
In June 2013 the Bank of Mongolia (BoM), the country’s central bank, introduced a new mortgage scheme, which is widely expected to boost home ownership rates substantially in the coming years. Under the new framework interest rates on mortgages for qualifying buyers have been set at a fixed rate of 8%, plus or minus one point depending on...
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