WE'VE GOT A SECOND HOME IN ... MONGOLIA

One property firm said an unbuilt development of 52 flats in Ulan Bator, capital of the former Soviet state and a 13-hour flight from London, sold out in two months, mostly to Britons.

One buyer is Lord Newborough, 57, a farmer and landowner from Wales, who sees his £152,000 purchase of two penthouse flats as good business sense.

He said: “It is certainly the most exotic location I’ve acquired property. I know it’s high risk but the potential is there. I bought this very much as an investment.”

Will Jeremy, 33, from Reading, Berks, bought a three-bedroom flat in the same block for £72,000. He expects an annual rental return of more than £14,000.

Spain, France, Australia, Italy and the US remain the top destinations for Britons buying abroad, but experts have pinpointed St Petersburg and Moscow in Russia, Delhi and Mumbai in India and Guangzhou and Beijing in China as hotspots for those after a high return.

Mongolia is most famous as the home of 13th Century empire builder Genghis Khan. Landlocked between Russia and China, one-third of its 2.8 million people are nomadic. It has the world’s largest copper reserves and is rich in coal, gold and other natural resources.