Mongolia, landlocked by two powerhouses, China and Russia, is the least densely populated independent country in the world. Once the heartland of an empire stretching from modern day Iraq to the Korean Peninsula, Mongolia no longer uniformly conforms to the romantic image of ger-dwelling pastoral nomads. Indeed, the capital, Ulaanbaatar is now a modern urban metropolis, with a growing population of more than 1.4 million.
Following the collapse of the U.S.S.R, Mongolia’s ruling party stepped down in 1991, allowing the country to embrace a healthy democracy and free market principles. Mongolia has a rapidly developing tourism industry and a stable economy backed by vast mineral reserves and natural resources. Consumption patterns indicate wealth created by the mining industry has resulted in a broader middle class, increasing demand in the real estate market.