Home real estate sales decline 27%

Source: Mongolia.GoGo.mn

Real estate prices have continued their 10-month slide, with total sales falling 27 percent in May compared with the same period last year, according to market data from Tenkhleg Zuuch. A House Price Index compiled using sales prices from 4,538 old and new houses fell 5.4 percent in May from the year before, to 16.8 points. A separate index for new houses fell 0.5 percent from May last year to 26.7 points, while the index for older homes fell 9.8 percent to 10 points.

Tenkhleg attributed the devaluation to residents' diminished purchasing power.