Home prices rise 15 to 30 percent

Mongolia’s booming housing sector was the subject of a forum held last week in Ulaanbaatar. The three-day forum was organized by the Ministry of Roads, Transportation and Urban Development. Among those attending the event were Kh. Battulga, the minister of Roads, Transportation and Urban Development, Ts. Erdene-Chuluun, the vice president of the Mongolian National Construction Association, and D. Batsaikhan, a deputy director of Khaan Bank. More than 30 construction companies exhibited designs for homes and apartment blocks. Four banks were also present to offer home loans. According to statistics compiled for the forum, more than 20,000 housing units are under construction in Ulaanbaatar, and approximately 10,000 more are being planned. About 30 percent of the homes under construction are expected to sell for between MNT 1.4 million and MNT 2.0 million, while six percent will sell for less than MNT 1 million. The construction companies say home prices have increased between 15 and 30 percent, mainly due to the rising cost of construction materials.