What is Buying an Apartment Like in Mongolia

Buying an apartment is a big decision. Wherever you buy an apartment, it is crucial that you do some research beforehand. Mongolia is a place with quite a big land area and few populations. Most of the provinces and cities are underdeveloped except the capital city, Ulaanbaatar. Ulaanbaatar is the most populated city in Mongolia as almost half of the population lives there solely. Therefore, it is quite developed, like the apartments, parks, and shopping malls are usually the best ones in the country. But the downside is that it has an alarming level of air pollution, traffic jams, infrastructure, and so on.

Overall, it really depends on what type of environment or lifestyle people have in mind. When some people are city person, who can bear the stress of extreme traffic jam, long queues, packed coffee shops and so on, then they can buy an apartment there. However, if someone loves a quiet, peaceful, and healthy environment, then they should go to the rural areas. It is cheaper and easier to find an apartment or house in rural areas than in UB.

Why location is important? 

When buying an apartment, people must consider the time and distance from work or school. Since the road is usually jammed seven days a week, they would want to buy an apartment close to the job/school or their children’s kindergarten/school unless they’re an early bird. In that way, they can easily walk or ride a bike to your destinations as it is also good for your health. 

People usually want to buy an apartment in the “A region” which means the city center. When you get an apartment in the center, you will probably have access to every necessity you will have. The disadvantage is probably the too much traffic including both people and cars. On the other hand, sometimes it is a better idea to get an apartment in the outskirts. There have been so many good developments on the edge of the city including apartments and service centers. The nice thing about purchasing an apartment there is its less traffic and little cleaner air. But we do not know how long would that last. 

Is it pricey? 

The price of the apartments usually varies depending on the location, but they do not differ too much. Overall, apartments built in a good location in the city tend to be expensive. Most Mongolians get a loan to purchase, which is a good idea. Loans are accessible and the interest rate is not too much.

Some families get loans for buying furniture such as fold out beds, cars, and personal expenses. It is calculated based on how much they make and how much they contributed to their pension fund.

Real estate agents 

If a person can not find a good deal that meets his or her criteria, there are several good real estate agents to help. For example, ReMax is a long-established real estate agent with franchise companies in more than a hundred countries, and the agents are usually professional and experienced. There is also a “Century 21” real estate agent that offers deals from one of the best locations and for a great price.

When it comes to buying an apartment, Mongolian people usually choose based on the surrounding location, traffic jams, air pollution, and so on. Plus, a cheap apartment doesn’t mean it’s a great opportunity. When it comes to real estate, you get what you invest in.