Key regions: Europe, Brazil, France, Asia, United States
The Residential Real Estate market in Mongolia has been experiencing significant growth in recent years, driven by customer preferences, market trends, and local special circumstances. Customer preferences in the Mongolian Residential Real Estate market have shifted towards urban living, with a growing demand for modern apartments and condominiums. This trend is fueled by the increasing urbanization in Mongolia, as more people move from rural areas to cities in search of better job opportunities and improved living standards. Additionally, the younger generation in Mongolia is increasingly opting for apartment living, as it offers convenience and access to amenities such as shopping centers, restaurants, and entertainment facilities. Trends in the Mongolian Residential Real Estate market indicate a strong demand for affordable housing options. With the rising cost of living and limited supply of affordable housing, developers are focusing on constructing smaller and more affordable residential units to cater to the needs of the middle-income population. This trend is also driven by the government's initiatives to promote affordable housing and address the housing shortage in the country. Local special circumstances in Mongolia, such as the rapid economic growth and increasing foreign investment, have contributed to the development of the Residential Real Estate market. The country's mining boom has attracted foreign investors and expatriates, leading to a surge in demand for high-end residential properties. Additionally, the government's efforts to improve infrastructure and attract foreign investment have created a favorable business environment, further boosting the real estate market. Underlying macroeconomic factors, such as GDP growth and population growth, have also played a significant role in the development of the Residential Real Estate market in Mongolia. The country has experienced steady economic growth in recent years, driven by its abundant mineral resources and strategic location between China and Russia. This economic growth has resulted in increased disposable income and purchasing power, leading to a higher demand for residential properties. In conclusion, the Residential Real Estate market in Mongolia is experiencing growth due to customer preferences for urban living, the trend towards affordable housing options, local special circumstances such as economic growth and foreign investment, and underlying macroeconomic factors. As the country continues to develop and attract investment, the real estate market is expected to further expand, offering opportunities for both developers and investors.
Data coverage:
Figures are based on total and average value of residential real estate, residential estate transactions and leases.Modeling approach:
Market size is determined by a combined top-down and bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.Forecasts:
We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.Additional Notes:
Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war are considered at a country-specific level.
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