Price per squaremeter rises by 0.1 percentEconomy
Ulaanbaatar /MONTSAME/ Following is the public report of the October 2016 results of the “Housing Price Index” (HPI) survey conducted independently by the Tenkhleg Zuuch LLC upon a request of the Mongol Bank.
The survey shows that the general index of housing price was at 1.1 percent in October 2016. It shows a decline by 0.16 percent compared to the previous month. The general index dropped by 4.1% compared to the starting period, and by 5.6% compared to the same month in previous year. Below are the Price index indicators classified by new and old houses.
The new house price index was at 14.4 percent. There is no change 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 -7.3 percent. This shows a decline by 0.3 percent compared to the previous month. The index dropped by 5.9% compared to the earlier period of this year, and by 8.5 % 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 4891 old and new houses supplied for sale at the real estate market of Ulaanbaatar for the particular month, reports the Bank of Mongolia.