THE IMPACT OF THE FINANCIAL CRISIS OF 2007-2008 ON THE RESULTS OF PROPERTY FUNDS REGISTERED IN POLAND (Wplyw kryzysu finansowego lat 2007-2008 na wyniki funduszy nieruchomosci zarejestrowanych w Polsce.)
Real estate funds operate in the same way as securities investment funds, differing only in the subject of trade. This subject - the property- is characterized by much less liquidity than securities, and therefore the market is much more difficult and diverted to long-term investment. As the roar of real estate investment funds operate in Poland for only a few years, the time after which one could make a full and unambiguous assessment of their business has not yet passed. The aim of this article is an attempt to answer the question whether the financial crisis affects the valuation of real estate operating funds. The main thesis of the paper is that real estate funds operating in Poland can be divided into three groups, depending on the evolution of investment fund certificates valuation in relation to the economic status of the Polish capital market.
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