The sharp contraction amid a widespread recession brought the total number of residential units sold in 2009 to 59,085, from 65,653 the previous year. The reduction spread to new launches as well, with the total in 2009 dropping to 57,604 units from 67,791.
Mr Prateep said that both global economic turbulence and local political problems dragged down the market.
The strengthening of the top eight developers reflects the fact that small developers had difficulty getting loans from increasingly wary banks. As a result, Mr Prateep believes, there will likely be fewer small developers in the future.
“Anyone can build with their own money, but it will be more difficult to get a loan from a bank for a project. Banks require a certain percentage of sales before they release the money,” he said.
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New York Times