Atlas Estates has warned that the global liquidity crisis could result in short-term delays of its projects in Central and Eastern Europe. The property investment and development company said tighter credit conditions and a risk-adverse attitude among lenders since the start of the year had led to a general slowdown in the real estate markets in the region.
Atlas Estates has warned that the global liquidity crisis could result in short-term delays of its projects in Central and Eastern Europe. The property investment and development company said tighter credit conditions and a risk-adverse attitude among lenders since the start of the year had led to a general slowdown in the real estate markets in the region.
The cautionary note came as Atlas released unaudited first-quarter results showing its revenues jumped to EUR 9.7mln in the first quarter of 2008 from EUR 2mln in the same period a year earlier. Atlas has a portfolio of 22 properties, comprising eight income yielding properties, two hotels and 12 development properties.
Atlas noted many real estate commentators remain positive about the prospects in the CEE area.
