When most people think of Mongolia, Genghis Khan is among the first things that come to mind. That and cold barren wasteland containing more livestock than humans. But now, Mongolia is becoming known for something else – foreign investment.

Seasoned overseas property investors know the time to invest in a housing market is before the rush. This fact means that some emerging markets may have not quite developed in terms of infrastructure. When economic indications show that improvements are on its way coupled with demand for housing investors need to sit up and pay attention. Profits are made on the purchase price and buying real estate before the demand can be a rewarding business.

The potential for growth over time is great, as the housing market has not caught up with demand. Roughly half of the Mongolians who live in the capital city of Ulan Bator still live in traditional nomadic dwelling called ger. And despite building 3,500 units last year, there is a shortage of residential units available.

Between the influx of foreign personnel and the demands of the native population, it is unlikely that the housing market will suffer from oversupply of units anytime soon. Residential development is not occurring that quickly, and the market has not become a focus for foreign investment. And since demand will almost certainly continue to outstrip development over the next few years, returns on invest will probably remain solid over that time.

This means that opportunities for foreign investment in and development of residential units could prove to be lucrative over the long haul. And in fact, capital growth of property prices and strong rental returns has begun to draw foreign investors from Britain. The Times newspaper from the UK reports that high property costs at home are encouraging investors to look abroad for better returns on their investments. And some of those investors are looking at countries such as Mongolia.

Thousands of ancient scholars called Bukhara home. Abu Ali ibn Sino (Avicenna), Imam al Bukhari, Abdulkholik Gijduvani, Bahouddin Nakshband and other scholars made great contributions to world civilization. Every year, people from all over the world come to make a pilgrimage at the burial places of the 7 pirs (holy men). Hence, Bukhara is referred to as Bukhoroi Sharif – Holy Bukhara. In May the annual Silk and Spice Festival is held here. Craftsmen and tourists by the thousands come to this festival from all over the world to display their wares and celebrate the event. The parade participants in traditional dress walk from the Ark citadel – the winter palace of the emirs (built in the 1st century, where great scholars and poets also lived), to the Lyabi Hauz ensemble, along the Shahristan (old part of the city) and through the traditional trade domes. There are three trade domes in Bukhara: one originally for money changers, another for books and fur-caps, and jewellery in the last. The festival not only showcases artisans, but there are concert performances, displays, shish kabab and pilaf sellers, singers, dancers – a true holiday atmosphere.

Nowadays, Bukhara is one of the centres of science, craftsmanship, spirituality and tourism in the Republic of Uzbekistan. Traditional fine arts are important in Bukhara: wood carving, jewellery making, copper chasing and elaborate embroidery. The most skilled artisans draw visitors and students from around the world. They visit the brothers Alisher and Abdulla Narzullayevs in Gijduvan to learn the peculiarities of pottery. They come to Shafirkan to study the secrets of sewing beautiful suzane or to Bakhshullo Jumayev for wonderful creations of gold embroidery. The blacksmith Shokir Kamolov always takes awards at International fairs. The Magoki Attori mosque is situated between the trade domes. In ancient times idols and spices were sold here. Now it is a carpet museum. Magok means “on a pit”, and one can see the ground level of old Bukhara under the stairs in the mosque.

Hospitality reigns supreme here and meals are no exception. Open-air restaurants or chaikhanas (tea houses) are popular with both locals and tourists. Set around a 17th-century reservoir Lyabi-Hauz offers lunch under the mulberry trees. Here is an opportunity to taste hearty Uzbek dishes such as plov – pilau rice, shashlik – sizzling brochettes of meat and lagman, a noodle-based meat and vegetable stew. National folklore and Fashion shows are held in the evening during dinner in the Devonbegi madrassa nearby. On your way to this madrassa you will pass a monument to the Uzbek national hero Nasriddin Afandi -the Uzbek Robin Hood.

The roads leading to Bukhara from both Khiva and Shahrisabz pass through the Kyzil Kum (red sand) desert. Here is an opportunity to experience life in the desert, to ride on camels, stay in yurts and listen to the songs of national performers. 40 kms from the city is the “Jeyran” (Middle Asian gazelle) Nature reserve. Here are found jeyrans, onagers, Przhevalsk horses, bustards and cheetas, and a number of endangered plants. The small lakes of the reserve are rich in fish and wild birds.