Mongolian property prices rising rapidly, yields high
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“It has become virtually impossible to buy an apartment for less than 40 million togrogs (about US$37,000),” says Baron Christopher de Gruben, director of Mongolian Properties, the leading developer of high-end properties. “At that price one can expect a two room apartment on the fringes of the city centre, generally in a building from the sixties or eighties.
“A decent apartment in the city centre (three rooms, good structural integrity) will cost a minimum of 60 million togrogs (about US$55,000). The high end or newer apartments now range in price from US$85,000 to US$250,000.” Square metre prices are between US$1,100 to US$3,500 for used apartments, he says.
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