Property sales soar

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Sales of both old and new properties jumped in the last quarter of 2019, according to Tenkhleg Zuuch Real Estate Agency. Old properties and new properties saw a 5.4 percent and 8.3 percent rise in sales compared to the previous quarter.

Compared to the same period of 2018, sales of new properties shot up 14.6 percent, but sales of old properties dropped 14.6 percent.

The real estate agency reported that sales of old apartments was highest in Khan-Uul and Bayanzurkh districts. People are mostly buying properties of up to 40 square meters. The average price of an old property by square meter is 1.9 million MNT, up by 3.3 percent compared to the last quarter 2018.

As for new properties, their price is averaging 2.3 million MNT per square meter. This marks an increase of 13.1 percent year-over-year, according to Tenkhleg Zuuch.

Property prices in Chingeltei and Khan-Uul districts saw the highest growth in the last quarter of 2019, both up by 17.8 percent since the previous quarter. Chingeltei properties cost 2.8 million MNT per square meter on average, which is 13.1 percent higher compared to the previous quarter, while prices rocketed to three million MNT per square meter on average in Khan-Uul District.

Looking at the report, new property prices have risen year-over-year by 1.7 to 40.5 percent depending on district and location.

As of December 2019, there were 442 real estate projects underway to house over 62,000 families. Tenkhleg Zuuch stated that 276 projects have already been fully booked. Out of ongoing projects, 81 percent are apartment complexes and the rest are private homes.

Dulguun Bayarsaikhan