HPI in Ulaanbaatar as of SeptemberEconomy
Ulaanbaatar /MONTSAME/ Following is the public report on the September 2016 results of the “Housing Price Index” (HPI) research conducted independently by Tenkhleg Zuuch LLC at the request of Mongol Bank.
The research shows the general index of housing price was at 1.3 percent in September 2016. It shows a decline by 0.2 percent compared to the previous month. The general index dropped by 4.0% compared to the starting period, and by 7.3% compared to the same month of the previous year. Below are the Price index indicators classified by new and old houses.
The new house price index was at 14.4 percent. This shows a growth by 0.3 percent compared to the previous month. The index dropped by 3.9% compared to an earlier period of this year, and by 3.7% compared to the same month in previous year.
The old house price index was at -7.0 percent. This shows a growth by 0.07 percent compared to the previous month. The index dropped by 5.7% compared to the earlier period of this year, and by 10.3 % compared to the same month in previous year.
HPI was calculated by applying Hedonic regression methods and the calculation was based on the information available for 4929 old and new houses offered for sale at the real estate market of Ulaanbaatar for the particular month, reports the Bank of Mongolia.