Mongolia increases mortgage lending for regions to 41%

AKIPRESS.COM – The Mongolian authorities increased the issuance of mortgage lending to 41% for people who will buy an apartment in the regions of the country in March, itoim reported on Tuesday with reference to the Central Bank of Mongolia.

“This step will contribute to the revitalization of the regions,” the official statement said.

According to the Mongolian Mortgage Corporation, a total of 122,000 families have purchased an apartment with a mortgage since the implementation of the preferential mortgage lending program in Mongolia.

Mongolia is one of the most sparsely populated countries in the world. Currently, almost half of Mongolia’s population, or 3.5 million lives in Ulaanbaatar. The Mongolian capital accounts for more than 63% of the country’s GDP.

The Mongolian government has declared 2024 as the year to support regional development to work towards the revitalization of cities and regions under the post-pandemic new revival policy, as well as to promote the diversification of the national economy and accelerate the development of the country.