Source:Building                   Date: 14 September, 2011

Both property prices and the number of construction projects are on the rise due to money coming from the mining sector. Economic growth has attracted foreign companies that are looking for quality office space, and the foreign expatriates who fill those desks are looking for quality homes. This work will give foreign workers the opportunity to work on construction projects in Ulaanbaatar.

Annual economic growth of 15 to 25 percent has made Mongolia one of the world's fastest growing economies. Thus, some believe Mongolia will be a storm of construction activity as the government uses its extra funds to build infrastructure and foreign companies demand high quality spaces.

In addition to the wealth from its resources, Mongolia is seen as a favorable business climate, even compared to the BRIC countries (Brazil, Russia, India, and China). President Ts. Elbegdorj has vowed to combat corruption. The World Bank ranked Mongolia 73 out 183 countries on its list of countries with the greatest ease for conducting business.

Property prices too are rising fast due to limited buildings of adequate quality and within fair distance to the city center.

The arrival of multinational companies such as Ernst & Young and PricewaterhouseCoopers in Mongolia is driving the demand for quality office space, said a spokesperson from Asia Pacific Investment Partners (APIP), the owner of Mongolian Properties.

Project managers, master planners, architects, and professionals with legal and accounting knowledge are in high demand. Individuals with experience designing and building condominium-style residential units are particularly demand. Designers would have to build these buildings with everything from grocery stores to gyms in a contained space because of the harsh winter cold.

The cold also means a short building season that project planners must rush to finish before it ends.