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Mongolia pulls in Brit buyers

UK investors looking for bargain deals are looking further and further afield, with Mongolia the latest nation to benefit from British investment.

Around 800,000 Mongolian homes are now owned by Brits - a 45 per cent rise since 2005 - with great rental returns expected thanks to heavy investment from global mining conglomerates.

Talking to Life Style Extra, British landowner Lord Newbourn explained his investment in two Ulaanbaatar penthouse flats: "It's strategically placed between Russia and China and it could be another emerging economy. I know it's a fledgling economy but the government are doing the right things to attract business from the right places."

He added: "I definitely believe there is a market for high-end properties to meet the needs and expectations of western businessmen working in the region."

Though it's certainly a world away from the traditional investment destinations of the Mediterranean, Mongolia offers excellent growth potential, with rich natural resources, space for development and an influx of western capital.

The potential of its gold and copper resources and the economic boom expected in the coming years led Peter Conradi of the Times to describe Mongolia as "the new hot destination for foreign-property buyers".

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