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Mongolia mining sector boom spurs luxury developments for expat professionals
| Published: | 7 Aug at 6 PM |
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Expat professionals in the mining sector are flocking to Mongolia’s capital Ulaanbaatar, fuelling demand for high quality apartments.
Due to vastly increased financial commitments by international mining conglomerates, Ulaanbaatar is becoming the latest boom-town destination for expat professionals in the sector. Following the collapse of the Soviet Union and during the last 10 years, Mongolia’s capital city has witnessed seemingly endless boom-bust scenarios of frantic construction followed by stark recession, but the present upturn seems to be based on far more solid ground.
The city’s central district is now a hub for newly-finished, high quality residential stock, all aimed at incomers from first-world countries. The acres and acres of poorly finished or unfinished developments dotting the landscape and left over from previous booms aren’t worth renovating due to the cost of modernisation, leaving new-build as the only option. The immediate need is housing for expat professionals in prime apartments which pass muster with those used to modernity combined with quality.
The East Asian country is committed to increasing its already considerable trade with China, up in this year’s first half by 44.2 per cent, and other international conglomerates are interested in exploiting opportunities in the formerly unstable country. For example, according to the Mongolian National Statistics Office, industrial output this year has grown by 43 per cent, bringing expats into the country at a scale not seen before.
Residential property investments are in line for impressive growth as the trend continues, with the need for upscale facilities filtering down to lifestyle enhancements such as upmarket expat-style restaurants and shopping facilities. There’s no study as yet regarding the realtime availability of luxury housing for expat workers, but buildings already completed and anticipating the rush are likely to run out by the end of this year.
As the main attraction – mineral extraction – is now making up some 50 per cent of Mongolia’s GDP, it’s likely to attract a great deal more international attention leading to an ever increasing number of expat residents. Obviously, investment in the building boom has a long way to go as a result.
Due to vastly increased financial commitments by international mining conglomerates, Ulaanbaatar is becoming the latest boom-town destination for expat professionals in the sector. Following the collapse of the Soviet Union and during the last 10 years, Mongolia’s capital city has witnessed seemingly endless boom-bust scenarios of frantic construction followed by stark recession, but the present upturn seems to be based on far more solid ground.
The city’s central district is now a hub for newly-finished, high quality residential stock, all aimed at incomers from first-world countries. The acres and acres of poorly finished or unfinished developments dotting the landscape and left over from previous booms aren’t worth renovating due to the cost of modernisation, leaving new-build as the only option. The immediate need is housing for expat professionals in prime apartments which pass muster with those used to modernity combined with quality.
The East Asian country is committed to increasing its already considerable trade with China, up in this year’s first half by 44.2 per cent, and other international conglomerates are interested in exploiting opportunities in the formerly unstable country. For example, according to the Mongolian National Statistics Office, industrial output this year has grown by 43 per cent, bringing expats into the country at a scale not seen before.
Residential property investments are in line for impressive growth as the trend continues, with the need for upscale facilities filtering down to lifestyle enhancements such as upmarket expat-style restaurants and shopping facilities. There’s no study as yet regarding the realtime availability of luxury housing for expat workers, but buildings already completed and anticipating the rush are likely to run out by the end of this year.
As the main attraction – mineral extraction – is now making up some 50 per cent of Mongolia’s GDP, it’s likely to attract a great deal more international attention leading to an ever increasing number of expat residents. Obviously, investment in the building boom has a long way to go as a result.
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