The housing price index (HPI) reached 1.025 in March, rising by 0.78 percentage points since February and by 1.49 percent compared to the same period last year.
Tenkhleg Zuuch conducted the HPI study and introduced it last Friday, as requested by Mongol Bank. As of March 2018, the HPI of new apartments was 1,206, which is 2.52 percentage points higher than the previous month and 4.51 percentage points higher than March 2017. The HPI for old apartments became 0.936, rising by 1.29 percentage points in the past month and by 2.51 percentage points over the past year. This was reported as a 6.4 percentage point decline from the base HPI, set in 2013.
The HPI is a market tool used for measuring average price changes in repeat sales or refinancing on the same properties. Ulaanbaatar’s HPI was calculated in accordance with the hedonic regression method, and looked at information from 4,722 new and old apartments for sale.
HPI as of March
| Index |
General |
New
apartment |
Old
apartment |
| HPI |
1.025 |
1.206 |
0.936 |
| Change since base period (January 2013) |
2.55% |
20.64% |
-6.4% |
| Compared to previous month |
0.78% |
2.52% |
1,29% |
| Change since January 1 |
1.25% |
3.66% |
2.63% |
| Compared to the same period of last year |
1.49% |
4.51% |
2.51% |
