Today, at the request of the Bank of Mongolia, the “Tenkhleg Zuuch” real estate company provided the “Apartment Price Index” (API) – independent research for March 2016. This reveals that the apartment price index was registered at 4.5% in March 2015 – a reduction of 0.9% on the previous month and 10.9% on March 2015.
The API for new apartments was 16.2%, which is 0.8% lower than February and 2.4% than the January 2016 and 7.8% than last March.
Regarding old apartments, the API for March stood at 2.8%, which is a 0.4% reduction on the previous month, 1.3% lower than January and 13.8% than March 2015.
The research team at “Tenkhleg Zuuch” has informed that the API is calculated using the hedonic regression method, which is used internationally in real estate economics and appraisals. In March 2016, a total of 5084 old and new apartments, currently on the real estate market were used in the research.