Real Estate Prices Rise Despite Slow Procurement

As of March 2017, the housing price index (HPI) was 1.01, rising by 0.

17 percent since February and by one percent since 2013, according to an independent housing price study conducted by Tenkhleg Zuuch Real Estate Agency.Compared to March 2016, the housing price index plunged by 3.

34 percent, the report stated.On March 31, out of 471 properties under construction for 89,492 households, 392 were apartments and 79 were single-family homes.

Reportedly, only 265 apartments were taking orders, while 89 apartments were not yet for sale, and the construction of 38 apartments had been temporarily halted.The HPI study was based on the prices of nearly 5,000 properties in Ulaanbaatar.

NEW PROPERTIESThe HPI data showed that the average cost per square meter for a new apartment increased by 0.22 percent compared to the first quarter of 2016, amounting to 2.

05 million MNT. This is an increase of 0.

29 percent compared to the average cost per square meter in February 2017.Since January 1, real estate agencies managed to sell 3,490 apartments, as opposed to the 3,660 apartments sold in the first quarter of last year. Experts says that the sale of new apartments dropped by 4.

6 percent in the first quarter of 2017 due to a...