Tuesday, May 22, 2007

Rich Brits Invade the Mongolian Real Estate Market

Hmm... perhaps I should make my way back home soon, before property prices soar. Sad will be the day when I will be forced to rent a flat in Mongolia from a British landlord.

Most people’s idea of Mongolia’s property market might be felt-covered yurts on the steppe. But now the remote Asian country has turned into the latest unlikely magnet for cash-rich British homebuyers in search of a new booming frontier.

They have been snapping up flats in Ulan Bator, the capital, to rent out to expat businessmen in the hope that their investment will appreciate by at least 20% a year
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Read more here