Publication:
Mongolia Financial Sector Assessment: Housing Finance

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dc.contributor.authorWorld Bank
dc.date.accessioned2017-05-31T20:24:56Z
dc.date.available2017-05-31T20:24:56Z
dc.date.issued2012-06
dc.description.abstractAs the Mongolian mortgage market grows rapidly, and the Government of Mongolia (GoM) pursues an ambitious social housing agenda, there is an urgent need for a holistic sector approach. The following three key areas require attention from policymakers: first, there is a need to better balance housing supply and demand, which requires the authorities to focus on prudent mortgage lending standards and supervision, as well as on provision of housing infrastructure and zoned land. Second, it will be important to ensure effective implementation of ongoing and planned public housing finance programs, with a focus on preventing mortgage market distortions in pricing, emphasizing robust planning and rigorous transparency and governance. Third, authorities should aim for better balance in the composition of mortgage funding, with a focus on improvement in the legal and regulatory framework for capital markets, as well as Mongolian Mortgage Corporation (MIK) governance, products and operations. The Mongolian mortgage market is exhibiting strong growth, with portfolio outstanding increasing by 190 percent to Mongolian Tughrik (MNT) 656 billion (US$482 million) between 2009 and end-2011. This represents 8 percent of 2010 gross domestic product (GDP) and 12 percent of the 2011 banking loan book. The sector is highly concentrated, with top 4 lenders accounting for 89 percent of the market, as well as spatially in and around Ulaanbaatar. Housing prices have risen sharply in the last two years, particularly in 2011, when the increase for the predominantly mortgaged market segment was over 36 percent. While mortgage lending growth rates are consistent with the overall growth of household credit, real estate prices significantly outpaced Consumer Price Index (CPI) and GDP growth in 2011. Currently non-performing loans (NPL) are very low due to the unseasoned mortgage portfolio; however, high debt-to-income (DTI) ratio levels may exacerbate future loan age-related and cyclical delinquency increases. Due in part to extreme climatic constraints, shortage of zoned and serviced land, and infrastructure bottlenecks, housing supply is severely constrained. Large-scale, publicly-funded, subsidized housing initiatives, such as the '100,000 Apartments' Program, need to be carefully planned, so that they cause minimal distortion to the broader housing finance market.en
dc.identifierhttp://documents.worldbank.org/curated/en/865831468277491376/Mongolia-Financial-Sector-Assessment-Program-development-module-housing-finance-technical-note
dc.identifier.doi10.1596/26815
dc.identifier.urihttps://hdl.handle.net/10986/26815
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectACCOUNTING
dc.subjectASSET-LIABILITY MANAGEMENT
dc.subjectAUCTION
dc.subjectBALANCE SHEET
dc.subjectBALANCE SHEETS
dc.subjectBANK CREDIT
dc.subjectBANK LENDING
dc.subjectBANK REGULATIONS
dc.subjectBANKING CRISIS
dc.subjectBANKING REGULATION
dc.subjectBANKING SECTOR
dc.subjectBANKING SYSTEM
dc.subjectBENEFICIARIES
dc.subjectBOND
dc.subjectBOND INSTRUMENTS
dc.subjectBONDS
dc.subjectBORROWER
dc.subjectBORROWER FINANCING
dc.subjectBROKERAGE
dc.subjectCADASTRE
dc.subjectCAPACITY CONSTRAINTS
dc.subjectCAPITAL ADEQUACY
dc.subjectCAPITAL ALLOCATION
dc.subjectCAPITAL BASE
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL FUND
dc.subjectCAPITAL GAINS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL REQUIREMENT
dc.subjectCAPITAL REQUIREMENTS
dc.subjectCAPITALIZATION
dc.subjectCASH FLOWS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANKS
dc.subjectCENTRAL SECURITIES DEPOSITORY
dc.subjectCOLLATERAL
dc.subjectCOMMERCIAL BANK
dc.subjectCOMMERCIAL BANK LOANS
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMERCIAL MORTGAGE
dc.subjectCONSUMER CREDIT
dc.subjectCONSUMER PROTECTION
dc.subjectCORPORATE DEBT
dc.subjectCORPORATE GOVERNANCE
dc.subjectCREDIT AVAILABILITY
dc.subjectCREDIT CARDS
dc.subjectCREDIT COOPERATIVE
dc.subjectCREDIT ENHANCEMENTS
dc.subjectCREDIT GROWTH
dc.subjectCREDIT GUARANTEES
dc.subjectCREDIT INFORMATION
dc.subjectCREDIT INFORMATION BUREAU
dc.subjectCREDIT RATING
dc.subjectCREDIT RATIONING
dc.subjectCREDIT RISK
dc.subjectDEBENTURES
dc.subjectDEBT
dc.subjectDEBT FINANCING
dc.subjectDEBT INSTRUMENTS
dc.subjectDEBT ISSUES
dc.subjectDEBT OUTSTANDING
dc.subjectDEBT SERVICE
dc.subjectDEFAULT COSTS
dc.subjectDEPOSIT INSURANCE
dc.subjectDEVELOPMENT BANK
dc.subjectDOMESTIC CAPITAL
dc.subjectDOMESTIC CAPITAL MARKET
dc.subjectDURATION MATCHING
dc.subjectEQUITY CAPITAL
dc.subjectEQUITY STAKE
dc.subjectEXCHANGE RATE
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INSTITUTION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL SYSTEM
dc.subjectFORECLOSURE
dc.subjectFOREIGN CAPITAL
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN INVESTMENT
dc.subjectFUTURE LOAN
dc.subjectGLOBAL FINANCIAL STABILITY
dc.subjectGOVERNMENT SECURITIES
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROUP LOAN
dc.subjectHOLDING
dc.subjectHOUSING FINANCE
dc.subjectIMMOVABLE PROPERTY
dc.subjectIMPLICIT SUBSIDIES
dc.subjectINDEBTEDNESS
dc.subjectINFLATION
dc.subjectINFORMATION TECHNOLOGY
dc.subjectINITIAL PUBLIC OFFERING
dc.subjectINSTITUTIONAL CAPACITY
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINSTRUMENT
dc.subjectINTEREST RATE
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL DEVELOPMENT
dc.subjectINTERNATIONAL FINANCIAL INSTITUTIONS
dc.subjectINVESTMENT FUND
dc.subjectINVESTMENT PURPOSES
dc.subjectINVESTMENT VEHICLES
dc.subjectINVESTOR BASE
dc.subjectINVESTOR CONFIDENCE
dc.subjectIPO
dc.subjectISSUANCE
dc.subjectLEGAL FRAMEWORK
dc.subjectLEGISLATIVE FRAMEWORK
dc.subjectLENDER
dc.subjectLENDERS
dc.subjectLEVEL PLAYING FIELD
dc.subjectLIABILITY
dc.subjectLIABILITY BASE
dc.subjectLIEN
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY RATIOS
dc.subjectLIQUIDITY RISK
dc.subjectLLC
dc.subjectLOAN AMOUNT
dc.subjectLOAN AMOUNTS
dc.subjectLOAN CLASSIFICATION
dc.subjectLOAN GUARANTEE
dc.subjectLOAN PORTFOLIO
dc.subjectLOAN PRODUCTS
dc.subjectLOAN REPAYMENTS
dc.subjectLOAN TERM
dc.subjectLOCAL CURRENCY
dc.subjectLONG-TERM LIABILITIES
dc.subjectMARKET ACCESS
dc.subjectMARKET DATA
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET DISTORTION
dc.subjectMARKET DISTORTIONS
dc.subjectMARKET INSTRUMENTS
dc.subjectMARKET INTEREST RATES
dc.subjectMARKET INTERMEDIARIES
dc.subjectMARKET INTERMEDIARY
dc.subjectMARKET LIQUIDITY
dc.subjectMARKET PARTICIPANT
dc.subjectMARKET PARTICIPANTS
dc.subjectMARKET PRICES
dc.subjectMARKET SIZE
dc.subjectMARKET VALUE
dc.subjectMATURITIES
dc.subjectMATURITY
dc.subjectMICRO LOANS
dc.subjectMICROFINANCE
dc.subjectMONETARY FUND
dc.subjectMORAL SUASION
dc.subjectMORTGAGE
dc.subjectMORTGAGE BONDS
dc.subjectMORTGAGE FINANCE
dc.subjectMORTGAGE INTEREST
dc.subjectMORTGAGE LOAN
dc.subjectMORTGAGE LOANS
dc.subjectMORTGAGE MARKET
dc.subjectMORTGAGE MARKETS
dc.subjectMORTGAGE-BACKED SECURITIES
dc.subjectMORTGAGES
dc.subjectNON-PERFORMING LOANS
dc.subjectNONPERFORMING LOANS
dc.subjectNPL
dc.subjectOPEN MARKET
dc.subjectOUTSTANDING AMOUNTS
dc.subjectOUTSTANDING LOAN
dc.subjectPARTIAL CREDIT
dc.subjectPAYMENT OF PRINCIPAL
dc.subjectPLEDGES
dc.subjectPOLICY RESPONSES
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO ALLOCATION
dc.subjectPORTFOLIO OF MORTGAGE
dc.subjectPORTFOLIO PERFORMANCE
dc.subjectPORTFOLIOS
dc.subjectPREPAYMENTS
dc.subjectPRICE DISCOVERY
dc.subjectPRIVATE BANKS
dc.subjectPRIVATE CAPITAL
dc.subjectPRIVATE EQUITY
dc.subjectPRIVATE LENDERS
dc.subjectPROBABILITY OF DEFAULT
dc.subjectPROPERTY RIGHTS
dc.subjectPROVISION OF CREDIT
dc.subjectPRUDENTIAL REGULATION
dc.subjectPRUDENTIAL SUPERVISION
dc.subjectRATES OF RETURN
dc.subjectREAL ESTATE INVESTMENT
dc.subjectREAL PROPERTY
dc.subjectREGISTRY SYSTEMS
dc.subjectREGULATORY AUTHORITIES
dc.subjectREGULATORY FRAMEWORK
dc.subjectREMITTANCES
dc.subjectREPO
dc.subjectREPOS
dc.subjectRESERVE
dc.subjectRESERVE REQUIREMENT
dc.subjectRESERVE REQUIREMENTS
dc.subjectRESIDENTIAL MORTGAGE
dc.subjectRISK MANAGEMENT
dc.subjectRISK PROFILE
dc.subjectSECURITIES
dc.subjectSECURITIES MARKET
dc.subjectSECURITIES MARKET LAW
dc.subjectSHARE OF INVESTMENT
dc.subjectSHAREHOLDER
dc.subjectSHAREHOLDERS
dc.subjectSOVEREIGN BONDS
dc.subjectSOVEREIGN GUARANTEE
dc.subjectSOVEREIGN GUARANTEES
dc.subjectSTAMP DUTY
dc.subjectSTOCK EXCHANGE
dc.subjectSWAP
dc.subjectTAX
dc.subjectTAX EXEMPTION
dc.subjectTAX TREATMENT
dc.subjectTERM DEPOSIT
dc.subjectTERM DEPOSITS
dc.subjectTRADE DATE
dc.subjectTRADING
dc.subjectTRANSACTION
dc.subjectTRANSPARENCY
dc.subjectUNSECURED DEBT
dc.subjectVALUATION
dc.titleMongolia Financial Sector Assessmenten
dc.title.subtitleHousing Financeen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleMongolia Financial Sector Assessment
okr.date.disclosure2012-06
okr.date.doiregistration2025-05-07T08:57:19.414548Z
okr.doctypeEconomic & Sector Work::Financial Sector Assessment Program
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/865831468277491376/Mongolia-Financial-Sector-Assessment-Program-development-module-housing-finance-technical-note
okr.guid865831468277491376
okr.guid439241468274265486
okr.identifier.externaldocumentum000333038_20121011023207
okr.identifier.internaldocumentum16818806
okr.identifier.report73156
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/865831468277491376/pdf/731560WP0P12990C0disclosed010050120.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryMongolia
okr.sectorFinance :: Housing finance and real estate markets
okr.themeFinancial and private sector development :: Standards and financial reporting
okr.topicFinance and Financial Sector Development::Access to Finance
okr.topicFinance and Financial Sector Development::Housing Finance
okr.topicFinance and Financial Sector Development::Financial Regulation & Supervision
okr.topicPrivate Sector Development::Land and Real Estate Development
okr.unitFinance and Private Sector Development; East Asia and Pacific Region
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