The housing price index (HPI) reached 1.089 in October this year, marking a surge of 1.14 percent compared to the previous month, according to a new report by Tenkhleg Zuuch Real Estate Company.

The company releases monthly HPI report in cooperation with Mongol Bank. The Housing Price Index in Mongolia is calculated by applying Hedonic regression methods based on the information available for around 5,000 old and new houses supplied for sale in the real estate market of Ulaanbaatar for the particular month.

October’s rise in HPI was primarily driven by increased prices of both new and old apartments. In particular, prices of old apartments jumped by 4.3 percent year-over-year, while prices of new apartments rose by 1.1 percent.

As of October, the average price of new apartments on the market stood at 2.36 million MNT per square meter and the average price of old apartments reached 1.8 million MNT per square meter, according to Tenkhleg Zuuch.