Contents
EMEA real estate 1
Summary 2
Sector overview 4
What is everyone so worried about? .........................................................................4
What are these valuations discounting?....................................................................8
Recommendations and ratings................................................................................12
Companies 15
Ablon Group ............................................................................................................17
Chagala Group Ltd ..................................................................................................19
Dom Development...................................................................................................21
Eastern Property Holdings ......................................................................................23
Emaar Properties ....................................................................................................25
Fotex .......................................................................................................................27
GTC.........................................................................................................................29
Immoeast.................................................................................................................31
KDD Group..............................................................................................................33
Open Investments ...................................................................................................35
Orco Group..............................................................................................................37
RTM.........................................................................................................................39
XXI Century .............................................................................................................41
Market overviews 43
Czech Republic – Prague........................................................................................45
Hungary – Budapest................................................................................................48
Poland – Warsaw ....................................................................................................51
Romania – Bucharest..............................................................................................54
Ukraine – Kiev .........................................................................................................57
Russia – Moscow/St Petersburg .............................................................................60
UAE – Dubai/Abu Dhabi..........................................................................................63
European real estate indicators (4Q07/1Q08) 67
ING Real Estate index 71
Disclosures Appendix 73

Real estate
Ratings & target prices
Rating Target
price
Upside
(%)
Ablon (p) Buy 336 85.6
Chagala (US$) Buy 12.3 75.3
Dom Dev (PLN) Hold 67.0 1.1
EPH (US$) Buy 128.5 82.3
Emaar (AED) Buy 19.95 74.3
Fotex (HUF) Buy 1,291 82.9
GTC (PLN) Buy 48.2 48.2
Immoeast (