ULAN BATOR: A UK property company is tipping Mongolia as the new “hot” destination for foreign-property buyers.
Property Frontiers (www.propertyfrontiers.com), which specialises in next-big-thing destinations such as Belize and Ras al-Khaimah in the UAE, claims that Ulan Bator, the Soviet-shaped capital, offers the highest rental yields in Asia (20% or more) and good prospects of capital gain.
A three-bedroomed apartment close to all amenities like the Children’s Park and Peace Bridge is likely to set you back about US$140,000.
The company says a shortage of suitable accommodation for foreigners pouring in to develop Mongolia’s vast mineral reserves makes for a good rental market.
There are also plans for a casino in Ulan Bator.
According to Wikpedia, Ulan Bator consists of a central district built in Soviet 1940s and 1950s-style architecture, surrounded by and mingled with residential concrete tower blocks.
So what are you waiting for?
