What will drive Ulaanbaatar apartment prices in 2026?

First-quarter 2026 data puts the average Ulaanbaatar apartment price at ₮4.6M per square metre — up 7.2% year on year. Three levers are shaping that number.

Infrastructure is minting new centres

New arterial roads and infrastructure toward Zaisan and Yarmag in Khan-Uul are lifting demand there, pushing per-square-metre prices up to 14% above the city average.

Mortgage terms are the master dial

Every 0.5% rise in rates has cut demand by roughly 9–12% over the past five years — a stable relationship. If the 8% rate holds through 2026, the market stays active.

"Prices won't rise" is a bad bet. So is "prices will explode." 2026 points to steady, moderate growth.