Ulan bator: The average price per square meter of newly constructed apartments in Mongolia’s capital reached 4.7 million Mongolian Tugriks (approximately 1,308 U.S. dollars) by the end of July, marking a 13.4 percent increase compared to the previous year, according to government data released on Thursday.

According to Namibia Press Agency, the average price per square meter for second-hand apartments in Ulan Bator rose to 4.5 million Mongolian Tugriks (about 1,252 U.S. dollars) in July, reflecting a 15 percent increase from the same period last year, as reported by the country’s National Statistics Office.

Experts attribute this significant rise in housing prices primarily to an increase in per capita real estate demand. While Mongolia remains the world’s most sparsely populated country, housing remains a critical issue, particularly in Ulan Bator, which houses over half of Mongolia’s 3.5 million population. Notably, more than half of the capital’s residents reside in ger districts, where the absence of essential infrastructure such as running water, central heating, and sewerage systems is a common challenge.