The past decade has seen Ulaanbaatar transform from an unindustrialized settlement of 770,000, to the increasingly international city that can be seen today. Recent years have seen the emergence of a multitude of modern apartment blocks, offices, shopping malls and hotels as resource extraction has begun to bring significant wealth to the country. Infrastructure challenges, a shortened construction window and limited supply of materials mean that supply of real estate will constrained, and new developments will power sustained, steady growth in line with increasing demand.
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