Navigating Mongolia: country overview and housing trends

Gain insights into Mongolia's burgeoning economy and evolving housing market in our latest article. It offers a short overview of the economic forces shaping Mongolia and the dynamic real estate landscape in Ulaanbaatar, providing useful information for those who are interested in the country.


Navigating Mongolia: country overview and housing trends

Mongolia is located in the heart of north-central Asia, bordered by Russia to the north and China to the south. This landlocked nation, with its capital in Ulaanbaatar, is home to approximately 3.027 million people and spans an area of 1,566,000 square kilometers. The Mongolian currency, the Tugrug (MNT), facilitates the nation's economy, which is characterized by its unique blend of traditional and modern elements.

Despite its extensive land area, akin to that of Western and Central Europe, Mongolia is sparsely populated, fostering a sense of expansive natural beauty. Administratively, Mongolia is divided into 21 aimags (provinces), which are further segmented into 329 sums (districts). This organizational structure supports the governance of the vast and varied landscapes of the country.

Regarding immigration, Mongolia welcomes visitors from around the globe, though most are required to obtain a visa. The nation has streamlined its visa policies to encourage tourism and investment, yet it maintains regulations to ensure proper documentation and compliance, especially for those intending to stay longer or engage in business activities.

The housing sector in Ulaanbaatar, the capital and economic hub, offers insights into Mongolia's urban development. Apartments are favored for their convenience and location, particularly among the younger and expatriate populations, while houses, often situated in quieter, suburban areas, appeal to those seeking more space. The rental market is diverse, with various options and terms to accommodate different needs and preferences.

Mongolia's economy, as reflected in its GDP figures, demonstrates resilience and growth. With a nominal GDP of over $16 billion and a real GDP growth rate of 4.85% in 2022, the nation is on a path of steady economic development. In the mean time Mongolia has cultivated a diverse economy, with sectors ranging from agriculture to mining contributing to its GDP. The nation adheres to a progressive corporate income tax system, which is designed to support economic growth while ensuring equitable contribution from businesses operating within its borders.

Mongolia offers a unique blend of breathtaking natural landscapes, rich cultural traditions, and evolving economic opportunities. Its strategic location, diverse population, and commitment to sustainable growth make it d an intriguing destination for travelers and investors alike.

  • Share post: