The housing price index (HPI) has declined by 0.74 percent over the last month to 1.00, as shown in the Mongol Bank’s July real estate report. Compared to July 2016, the HPI plunged by 1.2 percent, the report said. The survey focused on property in Mongolia’s capital, Ulaanbaatar.

The independent study conducted by Tenkhleg Zuuch Real Estate Agency, on Mongol Bank’s orders, assessed prices of 4,918 Ulaanbaatar properties. Experts concluded that the low value of the properties, both new and old,  put on sale in July,  had impacted on the HPI drop.

Prices of new apartments in  Khan-Uul are highest; the lowest are in the Songinokhairkhan and Bayanzurkh districts. The price of new apartments is MNT 60-70 million depending on the location.