Real Estate
Constrained supply, increasing demand
The past decade has seen Ulaanbaatar transform from an unindustrialized settlement of 770,000, to the increasingly international city that can be seen today. Recent years have seen the emergence of a multitude of modern apartment blocks, offices, shopping malls and hotels as resource extraction has begun to bring significant wealth to the country. Infrastructure challenges, a shortened construction window and limited supply of materials mean that supply of real estate will constrained, and new developments will power sustained, steady growth in line with increasing demand.