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Open-ended real estate funds are seen as the best way through the crisis years. Turbulent stock markets, rising interest rates, pandemic and war – nothing seemed to be able to harm the relatively flexible funds, which contain a mixture of residential and commercial properties. Even last year, when professional investors held back significantly due to high interest rates and building prices, fund investors were able to make profits.
But now there are difficulties. With a two-year delay, the funds are caught up in the aftermath of the crisis.