ECONOMY

Real estate companies stay on hold due to crisis

The credit crisis is changing the direction of existing and prospective institutional investors in the real estate market. Banking groups and state companies with significant real estate portfolios wish for better use of their properties through real estate investment companies but the poor atmosphere is dissuading them from becoming listed on the stock market for the time being. Both Marfin Bank and OTE Estate have formed such companies but their bourse entry is still pending. The National Bank group seems to be postponing plans for setting up such a firm, while Kopelouzos Real Estate and Babis Vovos have rejected any such idea.