As part of the Government’s efforts to launch its “100,000 Apartments” program before the 2012 parliamentary election, Parliament has ordered construction to begin on 2,500 new apartments in March.

Builders Union President M.Batbaatar says the 2,500 apartments will be built in Buyant-Ukhaa, Bayangol area, and the seventh block of the Sukhbaatar district. A total of 17,000 new apartments are to be built in the capital this year.

M.Batbaatar added that six-percent loans could be made available to homebuyers in April. The National Committee of Housing has prepared proposed rules for the loan program and will submit them to Parliament.

Critics say that, even with a six-percent loan, citizens with average incomes will not be able to afford the apartments because they are too expensive.
National Committee of Housing officials say apartment prices will stabilize in the autumn.