Housing Price Index for old apartments drops by 7.8 percent

Economy
en_amarsaikhan@montsame.mn
2016-12-14 16:59:46

Ulaanbaatar /MONTSAME/ Following is the public report on results of the “Housing Price Index” (HPI) research conducted independently by Tenkhleg Zuuch LLC at the request of Mongol Bank  for November 2016.

The research shows that the general index of housing price was at 0.8 percent in November 2016. It shows a decline by 0.3 percent compared to the previous month. The general index dropped by 4.4% compared to the starting period, and by 5.5 % 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 15.7 percent. There is no change compared to the previous month. The index dropped by 2.8% compared to an earlier period of this year, and by 3.3% compared to the same month in previous year.

The old house price index was at 8.1 percent. This shows a decline by 0.8 percent compared to the previous month. The index dropped by 6.7% compared to the earlier period of this year, and by 7.8 % 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 4938 old and new houses supplied for sale at the real estate market of Ulaanbaatar for the particular month, reports the Bank of Mongolia.