McGrath, Raiffeisen: Wealthy clients moved from real estate to cash

In a spectacular move, many Raiffeisen Bank clients with above average wealth this year turned from real estate investments, for which they had earmarked significant amounts, to more liquid investments, such as bank deposits, investment funds, and T-bills, says Catherine McGrath, manager of the top clients department.
“In the first six months of this year investment choices were more diversified, with more openness towards euro-denominated investment funds. There was a major shift from real estate to cash.”
She did not wish to comment on the real estate market progression, but says the change of focus shows transactions are not completely frozen.
Raiffeisen Bank has recently reorganised its top clients department into two sections: one offer for clients with over 100,000 euros in liquid assets (private banking), and another dedicated to individuals with over 15,000 euros available.