Residential Property Industry
TRIS Rating expects that the current slowdown in the residential property sector will continue until next year. Political situation and consumer confidence may improve after the general election, which is expected to be held by the end of 2007 or early 2008. However, a quick recovery for the housing market seems unlikely. Among the residential development markets, single-detached houses have been hit hard by slowing residential demand. On the other hand, condominium market has grown dramatically since 2005 due to the urbanization trends, more convenient mass transportation, rising oil prices, and speculative purchases.