Hunting customers in crisis time

Although residential developers are not yet going to the wall in droves in Central and Eastern Europe as in some West European countries, every market in the region is feeling the painful effects of the financial crisisZuzanna Wiak There were not many in late 2007 who openly admitted that the financial crisis would hit the CEE region, and the general consensus in H1 2008 was that the crisis would not really be felt by customers or developers. How wrong they were! The crisis has struck hard in the residential market at both customers, who regret the time when mortgages were being virtually given away, and at developers, who are being forced to freeze their projects. Analysts at Reas and Ober-Haus identify Estonia and Latvia as the states that are suffering the most, where the rate of indebtedness of 40 pct of the GNP is the highest in Central Europe.The first victimsAccording to Peter Gage Mo