Language(s): Khalkha Mongol
Total Area: 1,564,120 km²
GDP (in million USD): 5,807
Mongolia is a landlocked country in East and Central Asia. It borders Russia to the north and the Inner Mongolia region of China to the south, east and west. Ulan Bator, the capital and largest city, is home to about 45% of the population.
Ulan Bator's housing index is up! The world's newest house price index rose 4.46% y-o-y to Q1 2011, though when adjusted for inflation house prices were 3.36% down y-o-y. But in the first quarter of 2011 the index rose by 1.6%, the third quarterly rise since late 2008, when house prices began to fall due to the commodity crisis.
In the first quarter of 2011 the "average band" of Ulan Bator house prices ranged from MNT850, 000 (US$702) per square meter (sq. m.), to MNT1.48 million (US$1,223) per sq. m..However, luxury apartment prices range from MNT2 million (US$1,653) per sq. m. to MNT10 million (US$8,264) per sq. m.
Foreigners can freely own property in Mongolia through the Immoveable Property Ownership Certificate, which is equivalent to freehold ownership.