Research Squared was set up in 2011 as a subsidiary of M.A.D. Investment Solutions to provide in-depth analysis and market data on Mongolia. As Mongolia continues in its transition to a fully edged free-market economy new practices new systems are gradually being developed to meet the information demands of a large and competitive private sector. Nevertheless, market research remains limited within Mongolia and is even thinner on the ground internationally. With over 16 years of combined experience in the Mongolian market the M.A.D. Investment Solutions team created Research Squared in order to provide market research and analysis that investors, both domestic and international, are desperate for. We have conducted extensive market research in the sectors of healthcare, real-estate, nance and banking. Our client base extend across Asia, the U.S.A. and Europe and include one of some of the largest real estate investment advisors on the planet. Our international staff of researchers, based in Ulaanbaatar, combine local knowledge with robust analysis to deliver thorough and practically focussed views of Mongolian markets.

As the rst major commercial study of the real-estate market in Mongolia this document provides an in-depth history of the development of real estate markets in Mongolia as well as detailed information for each market segment. More than just a market overview, the Mongolian Real Estate Report 2012 is designed to furnish the reader with in-depth, practically oriented and up-to-date knowledge the Mongolian real estate market and its functioning. The private property market in Mongolia has only been developing for two decades, making kind of long-term projections that underpin investment decisions in more developed markets are not yet possible. In this context investors rely more than ever on on-the-ground information. With this in mind the Mongolian Real Estate Report 2012 delivers the combined insight of our experienced team in a single encompassing document designed to give robust information, practical guidance and a feel for the urban spaces of Mongolia.

Please find attached the Executive Summary of the Mongolian Real Estate Report 2012 (the full version will very soon be available for purchase).