25
Jan
16

bank loans and court rulings – update

Earlier this month I commented about the dispute about mortgage loans in Mongolia. The government has now amended the rules and apparently things are back on track to offer the lower 8 per cent mortgage loans to the public.

However, not everyone sees these loans as a good idea. Jargal, a prominent economist in Mongolia who has a regular news column which is translated in English and published by the UB Post, has dedicated his latest column to highlighting key problems with the private apartment market in Ulaanbaatar, including corruption, lack of transparency and poor planning.

2 Songino 6 construction site I

(Photo: construction of apartment buildings in Songino Khairkhan district)

Diverging a little from the private side, the UB development plans also includes the re-housing of those who exchange their land on which the new apartment buildings are built. The government wants it to seem that everyone who exchanges their land for an apartment is super-happy about getting a new apartment. But this is not always the case. A lot of the development projects have run into serious delays. Like the private market, a weak legal framework, an inexperienced and corrupt government, and lack of transparency are all contributing (among other factors) to delays and disputes. The result is continually expanding ger areas and all the problems that go along with that, including serious air and soil pollution.

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