Housing prices spike by 13.5%

Apartment prices in Ulaanbaatar increased by 13.5 percent in October 2022 compared to the same period of 2021 and by 0.2 percent from the previous month, the National Statistics Office (NSO) reported on November 15.

In October 2022, the average price of one square meter of new housing was 3.3 million MNT and it was highest at 3.65 million MNT in Sukhbaatar District but lowest at .32 million MNT in Songinokhairkhan District.

On the other hand, the average price of a square meter of an old apartment stood at 3.09 million MNT. It was least affordable at 3.74 million MNT in Sukhbaatar District but most affordable in Songinokhairkhan District at 2.37 million MNT on average.

The Housing Price Index in October was 1.48. Reminding that the index was 1.37 by the end of 2021, experts warned that an increase of 1.11 points in a period of less than a year is considered high.

The NSO report also outlined that prices of consumer products and services are on the rise. In particular, in October 2022, the price of consumer goods and services increased by 14.5 percent from the same period of last year, by 10.9 percent from December 2021 and by 1.3 percent from the previous month.

NSO studies a total of 410 types of goods and services in the basket of consumer goods and services and it analyzes the prices of 404 types of goods and services in Ulaanbaatar. Out of a total of 410 types of goods and services, 221 are imported goods, which accounts for 46 percent of the total weight. Inflation was 14.5 percent in October 2022, over half of which or 7.6 percentage points was due to the increase in the price of imported goods.

On the other hand, the prices of consumer goods and services increased by 10.7 to 17 percent in October 2022 in all provinces compared to the same period of last year. Bayan-Ulgii Province observed the lowest increase of 10.7 percent while Dornod Province had the highest surge (17 percent) in the reporting period.