Mongolia shifted from socialism to market economy in the beginning of the 1990s. Up to that date land could not be privately owned and no land and real estate market had not been known and only has been introduced for the first time after the transition. The study aims to understand current operation and development of land market and its institutions in Ulaanbaatar, Mongolia. Aspects such as types of land rights, land registration, land titling and land valuation etc. are briefly discussed in case study section. In addition, institutional aspects such as the legal frame, procedures, responsibilities, actors are discussed. Then findings of the current land transaction and land market situation in Ulaanbaatar are included. At the end, there are some recommendations for improved land market and its institutional arrangement in Ulaanbaatar.