House Prices Rise In Mongolia's Capital

ULAN BATOR, (UrduPoint / Pakistan Point News - 15th Dec, 2022 ) :The average price per square meter of newly constructed apartments in Mongolia's capital stood at 3.44 million Mongolian Tugriks (1,003 U.S. Dollars) at the end of November, up 17.3 percent year on year, the National Statistics Office (NSO) said Thursday.

Meanwhile, the average price per square meter of an old apartment in Ulan Bator reached 3.21 million Mongolian Tugriks (936.4 dollars) at the end of last month, up nearly 15 percent compared with the same period last year, the NSO said.

The significant increases are mainly related to the spike in the price of construction materials and freight rates due to border restrictions caused by the COVID-19 pandemic, and the ongoing Russia-Ukraine conflict, according to NSO experts.

Housing has been one of the most pressing issues in Mongolia, especially in the capital city, home to over half of the country's population of 3.4 million.

More than half of Ulan Bator's residents live in the city's ger districts, with no running water, central heating or sewerage systems.